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Exclusive: MoneyGram Launches Dollar-Pegged Stablecoin
MoneyGram, the global payments company, has launched a dollar-pegged stablecoin that will eventually be used by its 60 million customers to send and receive money.
Called MGUSD, the stablecoin will initially be used for treasury management, settlement and currency trading. It will be available in the U.S. first, with plans to roll out globally within the year.
Anthony Soohoo, chairman and chief executive of MoneyGram, said the company intends to make MGUSD the backbone for all MoneyGram transactions across its 60 million active users. For example, customers living in high-inflation countries will be able to hold their balances in MGUSD or convert them into local currencies for spending.
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