MoneyGram has officially launched its U.S. dollar-backed stablecoin, MGUSD, on the Stellar blockchain network. The token is now live in the United States and integrated directly into the MoneyGram mobile application, enabling users to hold digital dollar balances in self-custodial wallets and transfer funds across the company's global payments network.
MGUSD functions as a digital representation of the U.S. dollar within the MoneyGram ecosystem, which serves over 60 million customers and nearly 500,000 retail locations worldwide. The company plans to expand the stablecoin’s availability beyond the United States in future phases, though no specific timeline has been disclosed. CEO Anthony Soohoo emphasized that MGUSD is designed for remittance senders and individuals without access to traditional banking, positioning stablecoins as a core layer for future financial services.
The launch relies on multiple infrastructure partners: Bridge (acquired by Stripe) acts as the regulated issuer, M0 developed smart contract solutions for minting and redemption, and Fireblocks provides wallet technology. This effort builds on a long-standing collaboration with the Stellar Development Foundation, whose network is designed for real-world financial use cases. The move aligns with a broader trend of payment firms embracing stablecoins, with Citigroup projecting the market could reach $4 trillion by 2030.
