MoneyGram has launched its own U.S. dollar stablecoin, MGUSD, on the Stellar blockchain, placing it at the center of a payments network that serves more than 60 million active customers.
Summary
- MoneyGram has launched MGUSD, a U.S. dollar stablecoin on Stellar, with an initial rollout in the U.S.
- The company said MGUSD will serve a payments network that reaches more than 60 million active customers worldwide.
- The launch follows a series of stablecoin initiatives by MoneyGram, including USDC remittances, stablecoin settlements, and crypto cash withdrawal services.
According to a Tuesday announcement, MGUSD is being issued by Bridge, a Stripe-owned company operating under the GENIUS Act framework, while M0 provides the smart contract infrastructure responsible for minting and burning the token.
The rollout begins in the U.S., with MoneyGram planning to extend access internationally. Fireblocks supplies the custody infrastructure, and the company said MGUSD will initially be held in Fireblocks wallets before being distributed to customer wallets integrated into 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.
MoneyGram expands stablecoin strategy
For MoneyGram, the launch represents the latest step in a stablecoin push that has accelerated over the past year.
Back in September 2025, the company integrated Crossmint’s wallet infrastructure into its remittance platform, allowing recipients in Colombia to receive transfers settled in Circle’s USDC. MoneyGram said at the time that users could hold funds as digital dollars or cash out through its network of more than 6,000 locations across the country.
Further moves followed in recent months. During December, MoneyGram adopted Fireblocks technology for stablecoin settlements. Last month, the company was named an anchor remittance validator on the Tempo blockchain, a network backed by Stripe and Paradigm. In May, it also introduced crypto-to-cash withdrawals for Kraken customers.
Meanwhile, in February, the company was named a validator for Midnight, Cardano’s privacy-focused sidechain. The Midnight Foundation announced MoneyGram alongside eToro and Vodafone as network operators ahead of the project’s planned mainnet launch.
Rather than relying exclusively on third-party stablecoins, the company is now moving forward with a token that operates within its own payments ecosystem.
Comments from the Stellar Development Foundation framed the launch as another stage in a partnership that spans more than five years. During that period, MoneyGram used Stellar-based infrastructure to support stablecoin-powered transfers built around USDC before introducing its own digital dollar.
Denelle Dixon, CEO of the Stellar Development Foundation, described MGUSD as the “next milestone” in demonstrating what a blockchain designed for payments can achieve when paired with an established global money transfer network.
Traditional payment firms are launching stablecoins
Elsewhere in the payments industry, several established companies have begun developing proprietary stablecoin products and settlement systems.
Western Union has announced a USDPT stablecoin on Solana, while PayPal and Visa have incorporated stablecoin infrastructure into cross-border settlement services. Last year, crypto.news reported that Societe Generale’s digital asset arm expanded its regulated EURCV and USDCV stablecoins to Morpho and Uniswap.
