MoneyGram CEO Anthony Soohoo said the next phase of crypto adoption will depend on how easily users can convert digital assets into real-world money, pointing to off-ramp infrastructure as the industry’s biggest unresolved challenge.
In an interview with Yellow.com on the sidelines of Consensus, Soohoo framed MoneyGram’s expanding crypto cash-out capabilities as a natural extension of its global payments network rather than a strategic pivot, arguing that enabling seamless conversion into local currency is what ultimately determines whether crypto can function beyond trading environments.
"The biggest issue with crypto is it is very efficient to trade and manage as long as you want to stay in crypto,” Soohoo said. “At any point you want to cash out for regular day spending, that’s where the friction is.”
By expanding its ability to convert crypto into cash across more than 100 countries through integrations with platforms like Kraken, MoneyGram is moving beyond remittances into a more foundational role, enabling crypto to function as spendable money.
Why Off-Ramps Now Matter More Than On-Ramps
The crypto industry has historically focused on onboarding users, building exchanges, and improving liquidity. That phase is largely complete. The next stage depends on whether users can seamlessly exit the system into everyday financial activity.
Stablecoins have already transformed the backend of payments by enabling faster and cheaper settlement. What they have not solved is the last mile, how users actually access that value in local currency.
MoneyGram’s global network of corridors, combined with its physical and digital infrastructure, directly addresses that problem.
Soohoo framed the company’s role as an extension of its traditional foreign exchange business rather than a radical shift.
“This is, in our mind, just another translation that we have to do with currency,” he said.
The difference is that, unlike traditional FX, crypto-based settlement reduces both time and cost, while MoneyGram’s distribution layer ensures accessibility in regions where banking infrastructure is fragmented or limited.
A Structural Shift Toward Zero-Cost Payments
The move also reflects a deeper economic transition underway in cross-border payments. As stablecoins and blockchain rails reduce backend costs, pricing models across the industry are likely to compress.
Soohoo pointed to a familiar model from retail and technology to explain the strategy.
“Low price drives higher volume, which allows you to drive down lower prices based on scale,” he said.
In this framework, profitability shifts from high transaction fees to large-scale throughput. The more efficient the system becomes, the more usage it attracts, reinforcing a cycle of cost reduction and volume growth.
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For remittance providers, this represents a fundamental change. Instead of competing on fees, companies may increasingly compete on infrastructure, scale, and user access.
Not A Bank, But A Financial Access Layer
Despite enabling users to move and hold digital dollars, MoneyGram does not position itself as a banking alternative. Its role is closer to an access point for financial services, particularly in regions where traditional banking coverage is incomplete.
“We provide kind of a financial front door to enable people to hold their assets in a digital way in a wallet,” Soohoo said.
This distinction is important. In many emerging markets, users rely on a mix of digital wallets and physical cash. MoneyGram’s model bridges those two worlds, allowing digital assets to be converted into physical currency on demand.
The company’s strategy remains explicitly hybrid. While digital transactions now account for roughly 70% of its business, Soohoo expects physical locations to continue playing a critical role.
“There always will be a point of wanting to go into and talk to a human being,” he said.
The Real Competition Is Infrastructure
As competitors like Western Union expand into stablecoins and digital rails, the competitive landscape is shifting away from storefront dominance toward platform efficiency.
Soohoo argued that access to blockchain technology alone is not enough to define a winner.
“Everyone could build a search engine in the early days, but there was only one that got it right,” he said. “The nuances will be how that technology is being used and how it’s built.”
MoneyGram’s edge, he suggested, lies in combining global trust, an omnichannel distribution network, and a unified digital platform capable of scaling across markets.
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