MoneyGram Launches MGUSD Stablecoin on Stellar with 60M Customers and 500K Retail Locations
WU•MoneyGram launched MGUSD on June 2 as a self-custodial USD stablecoin built into its app, leveraging the Stellar network and secured by Fireblocks custody. The stablecoin taps MoneyGram’s distribution network of over 60 million active customers and nearly 500,000 retail locations to serve underbanked markets.
1. MGUSD Launch Details
MoneyGram officially rolled out MGUSD on June 2 in the United States, with plans to extend availability to its global network serving more than 60 million active customers in nearly 500,000 retail locations.
2. Distribution and Target Markets
Embedded directly in the MoneyGram mobile app, MGUSD provides users with a self-custodial USD wallet that enables fast, low-cost transfers across established money-transfer corridors, particularly benefiting regions with currency instability and limited banking access.
3. Technology and Security
MGUSD is issued by Bridge under a regulated framework, uses M0’s smart contract infrastructure for minting and burning, is deployed on the Stellar blockchain, and relies on Fireblocks for secure custody.
4. Strategic Implications
This stablecoin represents a five-year evolution from MoneyGram’s remittance roots, positioning the company to compete with Western Union, PayPal and Visa by offering direct consumer access to a dollar-denominated digital asset within its existing payments infrastructure.
