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MoneyGram Launches MGUSD Stablecoin on Stellar for Cross-Border Transfers

MoneyGram Launches MGUSD Stablecoin on Stellar for Cross-Border Transfers

According to MoneyGram, MGUSD is a dollar-backed token on Stellar that can connect in-app digital balances with the company’s global network of about 500,000 locations and 60 million customers.

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Fact Check
MoneyGram's official PR Newswire press release titled 'MoneyGram Launches MGUSD, a Stablecoin to Power Its Own Global Network' directly confirms the launch with native issuance on Stellar. CoinDesk and Cointelegraph independently corroborate the launch on the same day, with CoinDesk noting access for MoneyGram's 60 million customers.
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Summary

MoneyGram has officially launched MGUSD, a U.S. dollar stablecoin on the Stellar blockchain, with the announcement made on the 2nd. The token is issued by Bridge, a Stripe subsidiary, and is designed to link blockchain-based dollar transfers with MoneyGram’s existing app and physical cash network. According to the company, MGUSD can potentially be distributed across about 60 million customers and roughly 500,000 locations, underscoring MoneyGram’s push to integrate stablecoin infrastructure into its global cross-border payments business.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value, typically by being pegged to a fiat currency such as the U.S. dollar.
  • Stellar: A blockchain network focused on payments and asset transfers, often used for fast and low-cost cross-border transactions.
  • MGUSD: MoneyGram’s U.S. dollar stablecoin launched on Stellar for use in digital transfers tied to its payments network.