MoneyGram has officially launched MGUSD, a native dollar stablecoin built on the Stellar blockchain to power global remittances, digital balances, and financial services for millions of underbanked customers worldwide.
We break down what MGUSD really is, who powers it, and why it could reshape cross-border payments.
A native stablecoin is a digital token pegged one-to-one to a fiat currency and issued directly by a regulated entity. MGUSD is MoneyGram’s own dollar-pegged token, launched today in the United States market with plans to scale globally.
The infrastructure relies on strong partners. Bridge, a Stripe company, acts as the regulated, GENIUS Act-ready issuer, while M0’s smart contract infrastructure handles all the minting and burning operations on the Stellar blockchain at launch.
Follow us on X to get the latest news as it happens
MoneyGram holds MGUSD in Fireblocks wallets, which then route the tokens to self-custodial wallets embedded directly inside the MoneyGram app. Customers get a stable, dollar-denominated balance integrated into the same app they already use.
The reach is significant. MoneyGram serves more than 60 million active customers through nearly 500,000 retail locations worldwide. Over 70% of its transactions are already digital, giving MGUSD a built-in distribution network from day one.
CEO Anthony Soohoo framed the launch as a fundamentally different approach to stablecoins. Instead of focusing on the asset itself, MoneyGram uses MGUSD as a foundation to build future applications on its global network.
The target user is clear. MGUSD is designed not for crypto natives but for families sending money home and the billions of people facing inflation, currency instability, or limited access to traditional banking services.
The product gives those customers a dollar-denominated balance they can hold and access 24/7. They can move funds globally and convert into local currency on demand, from anywhere and at any time, directly from their phones.
The Stellar partnership underpins the rollout. Stellar Development Foundation CEO Denelle Dixon called MGUSD the next milestone of a five-year collaboration that has already expanded financial access to millions of families across emerging markets.
For MoneyGram, this is the bridge between cash and digital rails. Faster transfers, programmable balances, and a unified omnichannel network position MGUSD to bring stablecoin utility into the hands of mainstream global users at real scale.
The post MoneyGram Enters the Stablecoin Race With MGUSD on Stellar appeared first on BeInCrypto.
Cobie Denies $6.58M LDO Dump, it Was Wintermute. The post Cobie Denies $6.58M LDO ‘Dump’: It Was Wintermute appeared first on Cryptonews.
Strive’s Bitcoin acquisition strategy enhances its market position, potentially influencing corporate treasury trends and cryptocurrency adoption. The post Strive buys 2,500 Bitcoin for $185 million,
Google overnight set an $80 billion capital raise, including $10 billion from Berkshire Hathaway, reflecting the continuing flood of money headed into AI (and not
DTCC’s decision to connect its tokenized securities platform to Stellar marks a new phase of institutional adoption for public blockchains.
Blockchain Bodega is here and you know the vibes. We’re at the intersection of hip-hop culture and web3, exploring this new digital frontier. Who better to guide you through these uncharted lanes than Ock Chain – The Bitcoin Boss and the Consensus Corner Boys?
Ock Chain doesn’t just cook up random details about cryptocurrency; he lives it. Ock’s been deep in the game since Bitcoin was just a baby.
And let’s not forget about the Consensus Corner Boys. They’re our skilled crew of blockchain enthusiasts. They’re here to educate, entertain, and enlighten.
Welcome to Blockchain Bodega!
Copyright © 2023 Blockchain Bodega. All rights reserved.
