MoneyGram Launches MGUSD Stablecoin (MoneyGram)
MoneyGram announced the launch of its MGUSD U.S. dollar stablecoin to underpin its global remittance and payments network. MGUSD is framed as an infrastructure layer integrated into a self-custodial wallet in the MoneyGram app, initially in the United States, using Bridge as regulated issuer, M0 smart contracts and Stellar for settlement, with Fireblocks providing custody. Unresolved are regulatory treatment across markets, interoperability with other stablecoins and systems, and how issuance and reserves will be supervised at scale. [MoneyGram]
Advancing Digital Payments in Bhutan (ADB)
The Asian Development Bank (ADB) published an assessment of Bhutan’s digital payment infrastructure that included an update on Bhutan’s Royal Monetary Authority (RMA) central bank digital currency (CBDC) projects, both retail and wholesale. The aim is to provide more accessible and secure financial services to a broader population, including underserved communities, and streamline cross‑border transactions, including by reducing the need for correspondent banking relationships and simplifying currency conversion processes in international trade. However, the ADB found that there are gaps in existing financial services regulations and payment systems rules will need to be addressed first. [ADB]
Call for Expressions of Interest to Participate in the Appia Contact Group (ECB)
The European Central Bank (ECB) is inviting financial market stakeholders and public sector bodies to express their interest in participating in the Appia Contact Group Appia CG). The Appia project is aimed at enabling the settlement of distributed ledger technology (DLT) transactions using tokenized central bank money (CeBM) via a unified settlement ecosystem. It runs alongside the Pontes project, aimed at settling DLT transactions using API-based trigger and hash-link mechanisms and dedicated DLT cash wallets funded from TARGET accounts, which has its own contact group. The Appia CG will contribute to the Appia roadmap and advise on the operation and evolution of the Pontes pilot. Membership targets future users, contributors to Appia, relevant value‑chain actors, and industry associations. National central banks and selected European authorities participate as observers; the group is chaired and serviced by the European Central Bank and meets quarterly, with work outputs generally published. [ECB]
The ECB Publishes List of Digital Euro Steering Committee Members (ECB)
The European Central Bank (ECB) published the members of the Eurosystem’s High-Level Task Force on Digital Euro, which steers the digital euro project and reports to the ECB’s Governing Council. It is made up of members from national central banks of the Eurosystem. [ECB]
BTW if you want to see a complete database of my DFC-related posts going back years, including many that didn’t make the Daily Digest cut, click here.
FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.
