Hassan Maishera
TL;DR
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Crypto wallet MetaMask will launch its dollar-backed stablecoin later this year.
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The company joins entities such as Ripple, Tether, and Circle in issuing its stablecoin.
MetaMask to Debut its mUSD Stablecoin this Year
MetaMask, the popular crypto wallet developed by Consensys, announced on Thursday that it will launch its proprietary U.S. dollar token (mUSD) later this year. This latest development comes after earlier reports of the wallet launching its stablecoin.
In its blog post, MetaMask stated that it has become the first self-custodial wallet to introduce a native stablecoin, MetaMask USD ($MUSD), in partnership with Bridge and M0.
The stablecoin market is one of the fastest-growing in the crypto space, with a market cap of over $250 billion. Analysts expect the stablecoin market to be worth over $1 trillion over the next few years.
The growing adoption comes after U.S. President Donald Trump signed the GENIUS Act into law, setting new federal standards for stablecoin issuers. MetaMask stated that,
“MetaMask USD is issued by Bridge, a Stripe company, and a stablecoin issuance and orchestration platform. Onchain, MetaMask USD is powered by M0, a decentralized stablecoin infrastructure and liquidity platform. mUSD will be deeply integrated into MetaMask’s wallet, offering users a seamless, dollar-denominated stablecoin experience for holding, spending, and transacting in web3.”
In its blog post, MetaMask added that the mUSD token will be launched first on Ethereum and Consensys-developed layer-2 network Linea, and closely integrated within the app and services.
Furthermore, users will be able to on-ramp fiat, swap between tokens, and move value across blockchains, with the stablecoin later becoming spendable through the MetaMask Card at Mastercard merchants worldwide.
While commenting on this latest development, Gal Eldar, Product Lead at MetaMask, stated that,
“MetaMask USD is a critical step in bringing the world onchain. By integrating natively into MetaMask’s product offering, it will allow us to cut through some of the most stubborn barriers in web3 and reduce both friction and costs for people onboarding directly into a self-custodial wallet. With MetaMask USD, users can bring their money onchain, put it to work, spend it almost anywhere, and use it like money should be used. We’re not just bringing people onchain. We’re building the reason they’ll never want to leave.”
MetaMask joins other companies such as PayPal and Ripple in launching its native stablecoin.
