STABLECOINS | MoneyGram Bets on its MGUSD Stablecoin Targeting its 500K Retail Locations, 60 Million Customers Worldwide

MoneyGram is accelerating its stablecoin strategy with plans to roll out its newly launched MGUSD stablecoin across its global network of more than 60 million customers, marking a major shift in how one of the world’s largest remittance companies intends to move money.

Speaking on The Converge podcast, MoneyGram CEO, Anthony Soohoo, said the company has spent more than five years rebuilding its payments infrastructure around blockchain technology. The effort has already resulted in

• over $2 billion in stablecoin settlements,
• a partnership with crypto exchange Kraken, and
• a validator role on Stripe-backed Tempo, a blockchain built for global payments.

Rather than treating crypto as a standalone product, Soohoo said MoneyGram now views stablecoins as the foundation of its payments infrastructure.

The company believes on-chain settlement can eliminate many of the inefficiencies associated with traditional cross-border payments. Stablecoins

• settle around the clock,
• reduce the need to pre-fund accounts in multiple countries, and
• allow liquidity to be deployed only when needed instead of tying up billions of dollars across payment corridors.

MoneyGram launched MGUSD in H1 2026 as a native U.S. dollar stablecoin designed specifically for its own network. Unlike public stablecoins aimed at traders, MGUSD is intended to power payments, remittances, stored value, rewards, and future financial services for MoneyGram customers.

The stablecoin is

• issued by Bridge,
• built on the Stellar blockchain,
• uses M0 for smart contract infrastructure, and
• relies on Fireblocks for treasury and custody.

MoneyGram also expects MGUSD to strengthen its cash-based network which spans roughly 500,000 retail locations across more than 200 countries and territories. Customers will eventually be able to move between cash and stablecoins while continuing to access local currency whenever needed.

For Africa and other emerging markets where access to U.S. dollars remains limited and local currencies can be volatile, the strategy highlights how established remittance providers are increasingly adopting stablecoins not just for faster settlements but as the foundation for future financial products.

The rollout also signals growing competition among global payment companies seeking to build proprietary stablecoin ecosystems rather than relying solely on third-party digital currencies.

Stay tuned to BitKE for deeper insights into stablecoin developments globally.

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