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MoneyGram launched MGUSD on Tuesday, a U.S. dollar-backed stablecoin native to the Stellar blockchain, making the 85-year-old remittance operator the first global cash-payments network to issue its own dollar token on a public chain. The company announced the launch from Dallas and Amsterdam at 5 a.m. Eastern.
MoneyGram serves more than 60 million active customers across nearly 500,000 retail locations and a digital app, with more than 70% of transactions now digital, according to the company.
MGUSD launches in the U.S. and will be integrated into the MoneyGram app as a self-custodial wallet, with plans to scale globally.
