Amid a surge in stablecoin launches, major crypto wallet MetaMask has announced the launch of its first native stablecoin, MetaMask USD ($mUSD). This is a ground-breaking move for the self-custodial wallet, making it the first platform of its kind to launch a stablecoin.
MetaMask introduces mUSD for seamless payments
The MetaMask USD is built with a stablecoin payment platform, Bridge, payment processor Stripe, and stablecoin protocol MO. With the new stablecoin, MetaMask will allow users to on-ramp, swap, and bridge, provide a dollar-denominated experience for holding, spending, and transacting mUSD. The native stablecoin will soon be usable via the MetaMask Card at millions of Mastercard merchants.
Ethereum and Linea.eth will serve mUSD
The leading crypto wallet will launch MetaMask USD on Ethereum mainnet and Linea.eth, a faster, low-fee layer-2 network for cheaper and instant transactions.
Earlier this month, MetaMask executives announced the stablecoin, aiming for yields from reserve assets, including short-term U.S. Treasuries. As Tether’s USDT and Circle’s USDC are already leading the stablecoin era, the launch of MetaMask USD positions it as a competitor to other stablecoin issuers.
“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,” said Gal Eldar, Product Lead at MetaMask.
