MoneyGram launches MGUSD stablecoin on Stellar network

MoneyGram launched MGUSD, a US dollar stablecoin on Stellar, as the remittance company deepens its push into blockchain-based cross-border payments.

The company said Tuesday that MGUSD will be integrated into the MoneyGram app through a self-custodial wallet, allowing users to hold dollar-denominated balances, move funds globally and convert into local currencies. The stablecoin initially launched in the US market, with plans to scale worldwide. 

MGUSD is backed by a notable infrastructure stack. The tokens are issued by Bridge, Stripe’s stablecoin platform, which received conditional approval from the US Office of the Comptroller of the Currency to operate as a federally chartered national trust bank in February. 

MGUSD is issued by Bridge, Stripe’s stablecoin platform, with mint-and-burn smart contract infrastructure from M0 and wallet infrastructure from Fireblocks.

The launch marks a deeper step in the remittance industry’s stablecoin push, shifting from backend settlement and payout partnerships toward app-based digital-dollar balances for consumers.

MoneyGram said MGUSD builds