MoneyGram launches MGUSD stablecoin on Stellar network

MoneyGram launched MGUSD, a dollar stablecoin on Stellar, as the remittance company deepens its push into blockchain-based global payments.

MoneyGram launched MGUSD, a US dollar stablecoin on Stellar, as the remittance company deepens its push into blockchain-based cross-border payments.

The company said Tuesday that MGUSD will be integrated into the MoneyGram app through a self-custodial wallet, allowing users to hold dollar-denominated balances, move funds globally and convert into local currencies. The stablecoin initially launched in the US market, with plans to scale worldwide. 

MGUSD is backed by a notable infrastructure stack. The tokens are issued by Bridge, Stripe’s stablecoin platform, which received conditional approval from the US Office of the Comptroller of the Currency to operate as a federally chartered national trust bank in February. 

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