MoneyGram launches USD stablecoin MGUSD on the Stellar blockchain

CoinFeed reported on June 2nd that, according to CoinDesk, MoneyGram announced the launch of its USD stablecoin MGUSD on the Stellar blockchain. MGUSD will be embedded in its official application, allowing users to hold USD-denominated balances in their self-custodied wallets and transfer funds across borders via its global network. MGUSD is issued by Stripe's Bridge, with M0 providing the smart contracts and Fireblocks providing the wallet infrastructure. The product has already launched in the US and will subsequently be rolled out globally to its approximately 60 million users and nearly 500,000 offline locations, serving as a core infrastructure component of MoneyGram's cross-border payment network.