TLDR
- MoneyGram has launched its MGUSD stablecoin on the Stellar blockchain network in the United States.
- The company said users can hold and transfer digital dollars through its app using self-custodial wallets.
- MoneyGram confirmed that MGUSD will expand to international markets after the initial US rollout.
- The firm partnered with Bridge, M0, and Fireblocks to handle issuance, smart contracts, and wallet infrastructure.
- MoneyGram stated the launch builds on its long-standing collaboration with the Stellar Development Foundation.
MoneyGram has launched a U.S. dollar-backed stablecoin on the Stellar network, expanding its push into blockchain-based payments.
According to MoneyGram, the new token, MGUSD, is now live in the United States and is integrated into its mobile application, allowing users to hold digital dollar balances in self-custodial wallets and move funds across its global network.
MoneyGram Expands Stablecoin Services Beyond US Rollout
Within the company’s ecosystem, MGUSD functions as a digital representation of the U.S. dollar that users can send or store directly. MoneyGram stated that the product connects with its established infrastructure, which includes more than 60 million customers and close to 500,000 retail locations worldwide.
Company disclosures show that the rollout will expand beyond the United States in later phases, though specific timelines were not provided. By embedding the token into its app, MoneyGram positions stablecoins as part of its core payments layer rather than a separate offering.
Anthony Soohoo, chief executive of MoneyGram, said in a statement that the company is using stablecoins as a base to develop future financial services across its network. He added that MGUSD is designed for users sending remittances and for individuals who lack access to traditional banking systems.
Partnerships Support Issuance and Infrastructure
Behind the scenes, MoneyGram has relied on multiple partners to deliver the product. The company confirmed that Bridge, a platform acquired by Stripe, acts as the regulated issuer of the stablecoin. Smart contract infrastructure for minting and redemption was developed by M0, while Fireblocks provides wallet technology.
The launch also builds on a multi-year collaboration with the Stellar Development Foundation, which has focused on blockchain-based remittance services. Denelle Dixon, the foundation’s chief executive, said the network was designed to handle real-world financial use cases at scale and described MGUSD as an extension of that work.
Across the financial sector, stablecoins continue to attract attention from both banks and payment companies. A projection from Citigroup estimates that the market could reach $4 trillion by 2030, compared with roughly $300 billion today.
Recent announcements highlight this trend. SoFi introduced its SoFiUSD token, while firms such as PayPal and Western Union have partnered with providers including Paxos and Anchorage Digital to offer similar services.
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