MoneyGram Says Trust Drove Its Choice of Stellar for USDC Service

MoneyGram Chief Product and Technology Officer Luke Tuttle said trust drove the company’s choice of Stellar for its cash-to-USD Coin (USDC) service, a relationship that later extended to MoneyGram’s own stablecoin, MGUSD.

“There’s the speed of it and the cost, but at the end of the day, it’s the trust,” Tuttle said at Meridian 2026.

MoneyGram began working with the Stellar Development Foundation in 2021. The following year, it launched services at retail locations where customers could exchange local cash for USDC and convert USDC back into cash. USDC is a dollar-pegged stablecoin.

MoneyGram’s U.S. transfer app also incorporates a balance service in Colombia and El Salvador, where users can hold USDC. The app serves U.S. transfers to Colombia and El Salvador.

The company expanded its stablecoin activity with MGUSD, its own U.S. dollar stablecoin, which launched in the United States in June and was initially issued on Stellar. The launch added a MoneyGram-issued stablecoin to its earlier cash-to-USDC services.

MoneyGram has also announced a move to join XDC Network as an institutional validator, a role on a separate blockchain. The XDC Network move adds to the company’s activity across multiple networks.