Stripe · The Block
MoneyGram ships MGUSD stablecoin on Stellar for its global payments network
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MoneyGram has launched MGUSD, a native U.S. dollar stablecoin, positioning its own digital currency at the center of a global payments network that reaches more than 60 million active customers.
Key facts
- Stellar Development Foundation CEO Denelle Dixon called MGUSD the "next milestone" in demonstrating what a purpose-built blockchain can deliver when paired with a trusted payments network
- MoneyGram has launched MGUSD, a native U.S. dollar stablecoin, positioning its own digital currency at the center of a global payments network that reaches more than 60 million active customers
- MGUSD is the stablecoin we built for our customers, for the families sending money home and for the billions of people around the world with limited financial access," MoneyGram Chairman and CEO
- In May, it also expanded its on-ramp footprint by supporting crypto-to-cash withdrawals for Kraken users
Summary
Fireblocks provides the custody infrastructure, with MoneyGram holding MGUSD in Fireblocks wallets before distributing funds to customer wallets embedded in the MoneyGram app. "MGUSD is the stablecoin we built for our customers, for the families sending money home and for the billions of people around the world with limited financial access," MoneyGram Chairman and CEO Anthony Soohoo said in a statement. The launch also deepens a partnership with the Stellar Development Foundation that stretches back more than five years, during which MoneyGram ran stablecoin-powered money movement using Circle's USDC before graduating to its own issuance. Stellar Development Foundation CEO Denelle Dixon called MGUSD the "next milestone" in demonstrating what a purpose-built blockchain can deliver when paired with a trusted payments network.