MoneyGram has officially introduced its US dollar stablecoin, MGUSD, on the Stellar blockchain. The coin is issued by Bridge, a Stripe-owned platform, and is set to be woven into MoneyGram’s worldwide payment infrastructure. The service will begin with US-based users before rolling out to the company’s approximately 60 million global customers.
On the technical side, MGUSD relies on smart contracts developed by M0 and wallet infrastructure provided by Fireblocks. Through the MoneyGram app, users can hold dollar-denominated balances and execute cross-border transfers, streamlining the movement of funds internationally.
The move underscores a growing trend among traditional remittance providers embracing blockchain technology. By using stablecoins, they aim to cut costs and speed up settlements, bringing a new wave of efficiency to the cross-border payments industry.