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MoneyGram launched its own U.S. dollar-backed stablecoin on Tuesday, becoming the latest global payments company to build digital dollars into its core network. The token, called MGUSD, will run on the Stellar blockchain and is designed to support faster, dollar-denominated transfers through MoneyGram’s app and retail infrastructure.
Highlights
- MoneyGram launched MGUSD, a U.S. dollar-backed stablecoin on Stellar.
- The product debuted in the U.S. and is planned for wider international rollout.
- Bridge is the regulated issuer, M0 built the minting and redemption contracts, and Fireblocks provides wallet infrastructure.
MGUSD debuts on Stellar
According to the press release, MGUSD will be embedded in the MoneyGram app, allowing customers to hold a dollar-denominated balance in a self-custodial wallet and move funds through the company’s global payments network. The product launched first in the United States, with plans for a broader international rollout.
The stablecoin is issued by Bridge, the stablecoin infrastructure company acquired by Stripe. M0 developed the smart contracts used to mint and redeem MGUSD, while Fireblocks provides wallet infrastructure. MoneyGram said the product is intended to become a core layer across a network that reaches more than 60 million customers and nearly 500,000 retail locations worldwide.
Payments firms move toward digital dollars
MoneyGram’s launch comes as stablecoins move further into mainstream payments. Dollar-pegged tokens are increasingly being used for cross-border transfers because they can settle around the clock and may reduce reliance on slower banking rails. Citi has projected the stablecoin market could grow to $4 trillion by 2030 from about $300 billion today.
The launch also builds on MoneyGram’s long-running partnership with the Stellar Development Foundation. Since 2021, the companies have worked on stablecoin-powered services, including cash on- and off-ramps for digital assets and a stablecoin balance within the MoneyGram app.
A new test for stablecoin remittances
MGUSD is significant because MoneyGram is not a crypto-native company but a traditional payments network with a large retail footprint.
That gives the project a different market test than stablecoins launched mainly for trading, because its target use case is remittances, cash access and dollar balances for consumers outside the conventional banking system.
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