MoneyGram Launches Dollar-Backed MGUSD Stablecoin on Stellar for Remittance Use
MoneyGram introduced its U.S. dollar-backed stablecoin MGUSD on the Stellar network on June 2, 2026. The token will first be available to U.S. users before expanding to the company's global customer base.
CoinDeskU.S. dollar-backed stablecoin MGUSD on the Stellar blockchain on June 2, 2026. The token is issued by Bridge, a company owned by Stripe, with smart contracts developed by M0 and wallet infrastructure provided by Fireblocks.
U.S. users before expanding to MoneyGram's global network. The stablecoin is embedded directly into the MoneyGram app. Customers can hold a dollar-denominated balance in a self-custodial wallet and transfer funds through the company's payments network.
MoneyGram has over 60 million customers and nearly 500,000 retail locations worldwide. The launch follows five years of partnership between MoneyGram and the Stellar Development Foundation on stablecoin-powered remittance services. Anthony Soohoo, chairman and CEO of MoneyGram, said the company is using stablecoin technology as a foundation for future applications on its global network.
He described MGUSD as built for customers sending money home and for people with limited financial access. Denelle Dixon, CEO of the Stellar Development Foundation, said Stellar was built for real-world utility at institutional scale. She called MGUSD the next milestone demonstrating what purpose-built blockchain can deliver when paired with a trusted payments network.
The company plans to roll out MGUSD across its 60 million customers globally.
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