MoneyGram Joins Solana Network as Validator

Key Insights

• MoneyGram is now an active validator on Solana
• This continues the payment processor extensive embrace of the crypto industry
• Still, SOL’s price is down by around 3% in the last 24 hours and looks set for further decline.

Payments giant MoneyGram is joining the Solana Developer Platform (SDP)  and will become a validator on the network. The firm announced this in a press release noting that it is part of its efforts to shape institutional blockchain infrastructure.

SDP is API-driven platform to build and launch compliant financial products on Solana. With the move, MoneyGram joins other institutions including Mastercard who are already part of the platform.

MoneyGram Double Downs on Blockchain Adoption

According to the press release, MoneyGram involvement with Solana represents an extension of its efforts to integrate crypto with its payments platform.

The company has invested heavily towards integrating blockchain into its infrastructure and now wants to build on that.  These include launching MGUSD stablecoin and MoneyGram Ramps API stablecoin on and off ramp

It acknowledged the growing role of blockchain networks in the global financial infrastructure and wants to be part of those building it.

MoneyGram CEO Anthony Soohoo described Solana engagement as the next step in its efforts. “We believe the future of global money movement will be built on open, interoperable stablecoin rails that anyone, anywhere can access,” he said.

The company added that it has the compliance capability, operational scale and technology expertise required to build that future.

Meanwhile, the payments firm framed its validator role on the Solana network as a way to become more involved on the network.  MoneyGram’s product and technology officer Luke Tuttle explained that “running  a validator puts MoneyGram inside Solana’s consensus” so it can “help secure the network at the protocol level.”

The firm, which has over 60 million users worldwide, already operates as a validator on Tempo and the Midnight Network.

Solana Remain Stuck Around $70 Despite Growing Adoption

MoneyGram’s involvement with Solana is only one of the multiple institutional adoptions that the network has seen in recent days. Solana Foundation also partnered with South Korean nonbank Toss Bank to explore blockchain-based financial infrastructure.

The bank is expected to launch a pilot program for stablecoin remittances through the Solana network. If successful, plans are to explore other financial offerings, such as tokenization and payments.

Solana has also seen growth in its tokenized stock trading, with Backpack Securities launching more stocks on the Sunrise DEX. The latest tokenized stock, Micron MU, is now available for 24/7 trading on Solana.

Despite growing network adoption, the Solana token, SOL, has continued to struggle. SOL remains stuck in the lower $ 70s and has seen further decline over the past 24 hours, despite broader signs of recovery.

At $72, it is now down 15% in the past month and has lost 42% of its value this year.  SOL is down 75% from its peak in January 2025.

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