MoneyGram Launches MGUSD Stablecoin on Stellar

MoneyGram has officially launched MGUSD, its native U.S. dollar stablecoin, built on the Stellar blockchain network. This stablecoin is designed to power cross-border payments and provide dollar-denominated access to underserved markets, initially launching in the United States with plans for a global rollout. MGUSD is integrated directly into the MoneyGram app via a self-custodial wallet, allowing customers to hold stable balances, move funds globally, and convert to local currency. The stablecoin's infrastructure is supported by Bridge (a Stripe company) as the regulated issuer, M0 for smart contract infrastructure (minting and burning), and Fireblocks for wallet custody. MoneyGram CEO Anthony Soohoo emphasized the stablecoin's purpose for families sending money home and individuals with limited financial access. This launch deepens MoneyGram's five-year partnership with the Stellar Development Foundation, whose CEO Denelle Dixon noted that stablecoins have moved beyond pilots. MoneyGram also rebuilt its core systems to facilitate seamless digital dollar movement. The company's existing network of 60 million customers and nearly 500,000 retail locations provides a significant distribution advantage for MGUSD. This initiative is part of a broader trend among remittance firms to leverage blockchain infrastructure to reduce the high costs and inefficiencies of traditional cross-border payments, as highlighted by the International — Bank for International Settlements and World Bank Group data. Other companies like SoFi Technologies, PayPal, and Western Union are also exploring or implementing stablecoin solutions.