MoneyGram Launches MGUSD Stablecoin on Stellar Network

 

MoneyGram has launched MGUSD, a U.S. dollar pegged stablecoin on the Stellar blockchain network, aimed at facilitating cross border transfers and remittances.

 

According to MoneyGram, the MGUSD stablecoin is designed to serve non crypto native users, particularly people who regularly move money across borders and those with little or no access to local financial services, including individuals living in high inflation markets.

 

 

By launching MGUSD, MoneyGram aims to provide these users with greater financial stability, enabling them to hold and access their dollar denominated MGUSD assets around the clock and convert MGUSD into local currencies whenever they choose, from anywhere in the world and on their own terms.

 

"The stablecoin market has largely focused on the asset itself. MoneyGram is taking a fundamentally different approach. Starting with our distribution platform, we're using stablecoin as a foundation to build future applications on our global network," said Anthony Soohoo, Chairman and Chief Executive Officer of MoneyGram.

 

"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."

 

The launch of MGUSD was made possible through partnerships with several companies involved in the project. These include Stellar, which provides the blockchain on which MGUSD is issued; Bridge, a Stripe owned company that serves as the regulated issuer of the stablecoin; M0, which provides the smart contract infrastructure for minting and burning the stablecoin; and Fireblocks, which provides custodial services.

 

MGUSD will be integrated directly into the MoneyGram app through a self custodial wallet that will allow users to view their dollar denominated balances. Although MGUSD has launched in the U.S. market, MoneyGram said it plans to expand the stablecoin's availability globally.

 

About MoneyGram 

MoneyGram is a global financial services company that provides fast, accessible cross border money transfers, particularly for people with limited access to traditional banking services. Its core mission is to make sending money across borders simple, reliable, and accessible to millions of migrant workers and their families.

 

In line with this mission, MoneyGram operates one of the world's largest networks, with nearly 500,000 agent locations worldwide and more than 5 billion endpoints. The company serves more than 60 million active users across 200 countries and territories.