Summary: Felix, PANew
Last week, a governance proposal overviewing MetaMask's stablecoin mUSD was briefly published before being deleted, sparking market speculation about the development of mUSD. The release of this stablecoin has now been confirmed.
The crypto wallet MetaMask, developed by Consensys, announced on August 21 that it will launch a native dollar stablecoin, MetaMask USD ($mUSD), marking the first time a self-custody wallet has introduced its own stablecoin. mUSD is expected to be released later this year, initially launching on Ethereum and Linea.
Built on Bridge and M0, set to integrate with Mastercard by year-end
mUSD is built by Bridge, a stablecoin issuance company under Stripe, and is supported by the decentralized infrastructure of M0.
Bridge is a stablecoin orchestration and issuance platform under Stripe that provides compliant licensing, monitoring, and strict reserve management for custom-issued stablecoins. The underlying M0 protocol mints $mUSD, offering a decentralized and scalable stablecoin infrastructure platform designed for interoperability, composability, and transparency.
According to MetaMask, mUSD will be fully backed 1:1 by "high-quality, highly liquid dollar-equivalent assets," including U.S. cash and short-term U.S. Treasury bills, with real-time transparency and cross-chain composability. mUSD is planned to launch later this year on Ethereum and Consensys's Linea network, with deep integration into Linea's DeFi stack, gradually covering lending markets, DEXs, and custodial platforms to enhance liquidity and reduce user onboarding friction.
mUSD will primarily be used in two ways:
- At launch in wallets: for seamless deposits, exchanges, transfers, and cross-chain bridging.
- Expected in real life by year-end: allowing users to use mUSD at millions of merchants accepting Mastercard through the MetaMask card.
Regarding whether to offer mUSD deposit rewards to customers, MetaMask's Vice President of Product Strategy Ajay Mittal emphasized, "Currently, mUSD will not directly provide yields to users. However, mUSD may play a role in MetaMask's future incentive programs."
The specific issuance date or planned issuance scale has not been disclosed officially, but more technical details and user guides will be released in the coming weeks.
Development cycle shortened to weeks, stablecoins enter a rapid expansion phase
The release of mUSD coincides with the on-chain trading volume of stablecoins surpassing nearly $1 trillion, as well as the passage of the U.S. "GENIUS Act."
Previously, Federal Reserve Governor Christopher Waller delivered a speech supporting cryptocurrencies, emphasizing the role of stablecoins and noting their potential to maintain and expand the dollar's international standing. Meanwhile, Wyoming officially launched the Frontier Stable Token (FRNT), becoming the first state in the U.S. to issue its own stablecoin.
As the digital dollar market flourishes and regulatory transparency increases, the concept of application-based stablecoins is gaining more attention. Payment applications, crypto wallets, or DeFi protocols can also launch their own stablecoins while outsourcing compliance, reserves, and infrastructure to providers.
For example, Paxos issued PayPal's PYUSD token, while BitGo supports the USD1 stablecoin associated with the Trump-related DeFi protocol World Liberty Financial. Earlier this month, U.S. fintech company Slash partnered with Bridge to launch its own stablecoin.
MetaMask's stablecoin is the first case of collaboration between M0 and Bridge, allowing MetaMask to provide its users with a built-in digital dollar without managing complex issuance, compliance, and technical processes.
Zach Abrams, co-founder and CEO of Bridge, stated that they have shortened the development time for custom stablecoin issuance from "over a year of complex integration" to "a few weeks." This means applications like MetaMask can "achieve yields faster and more efficiently than ever before."
Through this collaboration, M0 and Bridge are seeking to replicate the development results of MetaMask tokens with more issuers.
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