MoneyGram Launches Proprietary MGUSD Stablecoin on Stellar to Power Global Remittance Network

Global payments giant MoneyGram has launched its own native U.S. dollar stablecoin, MGUSD, placing its proprietary digital currency at the heart of a financial network serving more than 60 million active customers worldwide. The stablecoin will launch initially in the United States, with a global rollout planned shortly thereafter.

According to a Tuesday company announcement, MGUSD operates natively on the Stellar blockchain network. The digital asset infrastructure is backed by a coalition of major industry players, with Stripe-owned company Bridge serving as the regulated issuer under the GENIUS Act framework. Additionally, M0’s smart contract infrastructure will handle the minting and burning processes, while Fireblocks has been tapped to provide the custody infrastructure for MoneyGram’s digital wallets.

In a statement addressing the launch, MoneyGram Chairman and CEO Anthony Soohoo emphasized that MGUSD was built specifically for everyday consumers, particularly families sending money home and individuals with limited financial access worldwide. The rollout also deepens MoneyGram’s five-year partnership with the Stellar Development Foundation. MoneyGram previously utilized Circle’s USDC for its stablecoin-powered money movement before transitioning to its own independent token issuance, a move Stellar Development Foundation CEO Denelle Dixon described as a major milestone for purpose-built blockchains.

The token launch marks the culmination of a methodical, months-long digital asset expansion for the legacy remittance company. MoneyGram previously integrated Fireblocks for stablecoin settlements in December, secured a position as an anchor remittance validator on the Tempo blockchain last month, and expanded its crypto-to-cash on-ramp capabilities for Kraken users in May.

With this launch, MoneyGram joins a broader wave of traditional financial institutions establishing proprietary stablecoin networks to modernize cross-border settlements. The move mirrors similar initiatives across the industry, including Western Union’s announced USDPT stablecoin on the Solana network, alongside ongoing stablecoin integrations by fintech leaders PayPal and Visa.