MoneyGram on Tuesday announced the launch of MGUSD, a stablecoin integrated into its global payments network. Issued on the Stellar blockchain, MGUSD is targeting the money transfer and payment services company’s 60 million customers, who access its services from more than 500,000 retail establishments worldwide. The U.S. dollar-denominated stablecoin will be integrated directly into the MoneyGram app in a self-custodial wallet, giving recipients not just a way to receive remittances and other payments from abroad, but also a way to save and store dollars. “In many markets, consumers face inflation, currency instability or limited access to reliable financial services,” the firm said in a statement. “MGUSD gives those customers a…
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Ripple CEO Brad Garlinghouse tells Axios that the SEC lawsuit is bad for the whole U.S. crypto industry (Photo: Axios on HBO)MoneyGram and Ripple part ways over XRP lawsuit
The split comes a day after Ripple CEO Brad Garlinghouse said that ‘even if Ripple goes away, XRP will keep trading’
The move is the latest fallout from the U.S. Securities and Exchange Commission’s lawsuit against Ripple, its executive chairman Chris Larsen, and Garlinghouse. The suit says that the $1.3 billion in XRP sales made by Ripple over the past eight years, with $600 million made by the two executives, were illegal sales of securities.
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Despite SEC lawsuit, Ripple thriving in Asia Pacific: Brad Garlinghouse
Ripple’s CEO says the company has signed up 15 new clients since the U.S. Securities and Exchange Commission sued it for illegal securities sales
Outside the U.S., Ripple has “been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets,” Garlinghouse added. “We’re seeing the activity of XRP liquidity has grown outside the United States and continue to grow in Asia, certainly in Japan.”
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Citing SEC suit MoneyGram suspends use of Ripple ODL
The money transfer company is a high-profile user of Ripple’s international payments network as well as its XRP-based On-Demand Liquidity product
In it’s Q4 and full year financial results released today MoneyGram International revealed that it has suspended trading in XRP due to uncertainty over the Securities and Exchange Commission’s lawsuit. The agency has said XRP is an unregistered security illegally sold by Ripple over the past eight years.
