- MoneyGram has announced the launch of MGUSD, a native US dollar stablecoin for its 60 million users, powered by Stellar.
- Stellar’s Denelle Dixon says the network was built exactly for this kind of institutional utility, even as XLM took a big hit overnight.
MoneyGram, the world’s second-largest money remittance service, has joined the stablecoin race, launching MGUSD on Stellar for its 60 million users.
The Dallas-based giant, which processed over $200 billion in cross-border payments last year, partnered with Stripe-owned Bridge on the project, with Fireblocks offering custodial services. It will integrate the stablecoin directly into its mobile app using a self-custodial wallet, giving users more control over their money.
MGUSD launched only on the US market today, with plans to scale it globally within the next few weeks.
Introducing MGUSD.
MoneyGram's native U.S. dollar stablecoin.Natively issued on @StellarOrg.
Built with @Stablecoin, @M0 and @FireblocksHQ.
Live in the U.S. today. pic.twitter.com/GWW3XtNrf6— MoneyGram (@MoneyGram) June 2, 2026
MoneyGram joins other global giants rushing to establish a presence in stablecoins as the US readies for the CLARITY Act, which will give issuers massive reach and regulated avenues for profitability.
These include PayPal, whose PYUSD now commands a $3 billion market cap, and Trump’s World Liberty Financial, whose USD1 is now worth $4.7 billion. The latest to launch its stablecoin was SoFi, becoming the first US-regulated national bank to issue a stablecoin directly to its retail users.
MoneyGram says it’s doing it differently from all its rivals. CEO Anthony Soohoo commented:
“The stablecoin market has largely focused on the asset itself. MoneyGram is taking a fundamentally different approach. Starting with our distribution platform, we’re using stablecoin as a foundation to build future applications on our global network. MGUSD is the stablecoin we built for our customers.”
MoneyGram has an advantage in that it has over 60 million customers globally, with nearly 500,000 retail locations, unlike rivals like SoFi, which are US-limited. More significantly, its users rely on its service for cross-border remittances, a sector that has embraced stablecoins more than most for lower fees and faster transactions.
MoneyGram Chooses Stellar, But XLM Takes A Beating
MoneyGram says it picked Stellar for having “best-in-class infrastructure.” It joins other giants building solutions on the network, with the most recent being DTCC, a clearing giant that processes $19 trillion daily.
Commenting on the news, Stellar Development Foundation CEO Denelle Dixon stated:
“Stellar was built for real-world utility at institutional scale. Our five-year partnership with MoneyGram is proof that stablecoins have moved well beyond pilots. Together, we’ve expanded financial access to millions of families and communities who need it most.”
But while Stellar welcomes these global giants, XLM has lost nearly 13% over the past day to trade at $0.2287 at press time. Despite the drop, it has gained 52% over the past week, the second-highest gains in the top 100 coins, with the DTCC announcement triggering a rally last week.
