Stripe · CoinDesk
MoneyGram announced Tuesday it had launched its own U.S. dollar-backed stablecoin on the Stellar (XLM) blockchain
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The stablecoin, dubbed MGUSD, will be embedded into the MoneyGram app, allowing customers to hold a dollar-denominated balance in a self-custodial wallet and transfer funds through the company's global payments network.
Key facts
- Their market size could reach $4 trillion by 2030 from the current $300 billion, global bank Citi projected
- The company said MGUSD is intended to serve as a core piece of infrastructure across its payments network, which reaches more than 60 million customers and nearly 500,000 retail locations worldwide
- Stellar was built for real-world utility at institutional scale," Stellar Development Foundation CEO Denelle Dixon said in a statement
- MoneyGram, with over 60 million customers and nearly half a million retail locations, is following the latter path
Summary
MoneyGram announced it launched its U.S. dollar-backed stablecoin MGUSD on the Stellar blockchain on Tuesday. The token will first be available for U.S. users with plans for global rollout across the firm's 60 million customers as stablecoins increasingly compete in cross-border payments. MGUSD is issued by Stripe-owned Bridge, with smart contracts from M0 and wallet infrastructure from Fireblocks. MoneyGram announced Tuesday it had launched its own U.S. dollar-backed stablecoin on the Stellar (XLM) blockchain, joining a growing wave of global payments companies and banks building products around digital dollars.