An explicit marching on-in-time (MOT) scheme for solving the time-domain magnetic field integral equation (TD-MFIE) is presented. The proposed MOT-TD-MFIE solver uses Rao-Wilton-Glisson basis functions for spatial discretization and a PE(CE)m-type linear multistep method for time marching. Unlike previous explicit MOT-TD-MFIE solvers, the time step size can be chosen as large as that of the implicit MOT-TD-MFIE solvers without adversely affecting accuracy or stability. An algebraic stability analysis demonstrates the stability of the proposed explicit solver; its accuracy and efficiency are established via numerical examples.