MoneyGram rolls out MGUSD stablecoin on Stellar
MoneyGram has rolled out MGUSD, a native US dollar stablecoin that will underpin a growing range of financial services across its global payments network. The coin is issued on the Stellar blockchain and is designed to support cross-border transfers and financial access for underserved communities.
MGUSD is made possible through partnerships with Bridge as the regulated issuer, M0 for token issuance infrastructure, and Fireblocks for wallet custody and distribution, the company said.
Initially launched in the US, MGUSD will be embedded into a self-custodial wallet experience, enabling users to hold, send, and access dollar-denominated balances around the clock. MoneyGram plans to expand the offering to other countries in the future.
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MoneyGram says MGUSD addresses challenges such as inflation, currency instability, and limited banking access, with a focus on serving remittance users and financially underserved populations.
“Starting with our distribution platform, we’re using stablecoin as a foundation to build future applications on our global network. MGUSD is the stablecoin we built for our customers, for the families sending money home and for the billions of people around the world with limited financial access,” Anthony Soohoo, Chairman and CEO of MoneyGram, said in a statement.
Backed by a network of more than 60 million customers and nearly 500,000 retail locations, the company believes it has the distribution and infrastructure necessary to scale stablecoin adoption globally.
The launch also expands MoneyGram’s long-standing partnership with the Stellar Development Foundation and supports the company’s vision of building an open, interoperable payments network powered by stablecoin technology.
“Stellar was built for real-world utility at institutional scale. Our five-year partnership with MoneyGram is proof that stablecoins have moved well beyond pilots,” said Denelle Dixon, the Foundation’s Executive Director. “Together, we’ve expanded financial access to millions of families and communities who need it most. MGUSD is the next milestone that demonstrates what purpose-built blockchain can deliver when paired with a trusted payments network.”