MetaMask to launch mUSD stablecoin in partnership with Stripe's Bridge
- MetaMask has announced it will roll out mUSD, a stablecoin built for its self-custodial wallet, on Ethereum and Linea.
- mUSD will allow users to transact across dapps and DeFi protocols in the MetaMask ecosystem.
- Metamask is developing mUSD in partnership with Stripe's stablecoin issuance platform Bridge.
Crypto self-custody wallet MetaMask stated on Thursday that it plans to launch MetaMask USD (mUSD), a stablecoin built for decentralized apps (dapps) and decentralized finance (DeFi) platforms in its ecosystem.
MetaMask set to roll out native stablecoin mUSD on Ethereum and Linea
Cryptocurrency wallet MetaMask plans to launch its native stablecoin mUSD, powered by decentralized stablecoin infrastructure M0, as stated in a statement on Thursday.
MetaMask claims mUSD is the first stablecoin launched by a self-custody crypto wallet. It added that the token is a highly liquid asset that will allow direct 1:1 conversion between fiat and crypto across select payment channels.
mUSD will be issued by stablecoin issuance platform Bridge, which is a subsidiary of payment giant Stripe. The stablecoin will be deployed directly into MetaMask's product suite, including dapps and DeFi protocols, enabling users to hold and spend directly on their wallet.
Although the exact time of its launch isn't stated, mUSD will initially roll out on Ethereum and the Layer-2 platform Linea. MetaMask also plans to integrate mUSD across core protocols, including lending markets, DEXs and custodial platforms over time.
"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," said Gal Eldar, Product Lead at MetaMask.
Following the launch of mUSD on-chain, MetaMask claims it will make its stablecoin available for off-chain payments via the MetaMask Card.
"With MetaMask USD, users can bring their money on-chain, put it to work, spend it almost anywhere, and use it like money should be used," Eldar added.
The announcement comes amid a rise in stablecoin issuance following the passage of the GENIUS Act last month, which serves as the legal statute for stablecoin issuers.
The stablecoin market capitalization is at $277 billion, according to DefiLlama data, with analysts expecting it to reach a milestone of $2 trillion by 2028.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
