MetaMask Launches mUSD: A Wallet-Native Stablecoin

[Ben Graham]

MetaMask has officially launched its own stablecoin, MetaMask USD (mUSD), adding a new player to the expanding lineup of dollar-pegged tokens. What makes mUSD different is that it’s issued directly by the MetaMask wallet itself, which means users stay in control of their funds at all times. There’s no central platform holding your money for you. It’s all self-custodied, straight from the wallet.

How It’s Built and What Backs It

The stablecoin is created through a platform called Bridge, which works in partnership with Stripe. Behind the scenes, the minting process runs on a protocol called M0. This setup is designed to offer both transparency and reliability. 

MetaMask USD ($mUSD) is now live.

The best way in and out of crypto is here. pic.twitter.com/h6zSUao7Ka

— MetaMask.eth (@MetaMask) September 15, 2025

Each mUSD is backed one-to-one with cash or short-term U.S. Treasury assets. The idea is to give people confidence that every token is actually worth a dollar, and that they can redeem it if needed.

Where You Can Use It Right Now

mUSD is already live on Ethereum’s main network and also on Linea, which is MetaMask’s own layer-2 network. Inside the MetaMask wallet, users can swap, send, hold, or transfer it to others across different networks. That makes it pretty versatile from the start. There are also plans to connect mUSD to the MetaMask Card, which would allow people to spend it at any place that accepts Mastercard. That feature is expected to go live later this year.

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The Numbers and What MetaMask Aims For

Right now, the total amount of mUSD in circulation is around 18 million dollars. It’s still early days, but MetaMask is clearly aiming to make mUSD the go-to dollar inside its wallet and related products. The timing lines up with a bigger trend in the market where more companies are rolling out their own stablecoins. Alongside giants like USDT and USDC, there are also new entrants like PayPal’s PYUSD and other bank-issued tokens trying to grab attention.

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$541.84B

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What Could Hold It Back

Even with strong backing and partnerships in place, mUSD still has a lot to prove. For one, it needs enough liquidity outside of MetaMask’s own environment. Without that, users might run into trouble when trying to trade or convert their mUSD. Another key area is trust. People will want to see clear audits and reserve reports. If MetaMask can consistently prove that mUSD is fully backed and redeemable, that will help build long-term confidence.

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A Busy Field With More Players Joining

Stablecoins are everywhere now. They’ve become a core part of crypto trading, payments, and even savings. MetaMask is stepping into a space that’s already packed with options, and many of them have been around for years. But by launching its own token that’s tied directly to its wallet, MetaMask is hoping to offer something more seamless for its users. Whether that’s enough to stand out remains to be seen.

Final Thoughts

If mUSD catches on, it could change the way people use stablecoins inside crypto wallets. MetaMask already has millions of users, and giving them a native dollar that works across chains could be a big move. But adoption takes time, and the real test will be how useful mUSD becomes outside the MetaMask bubble.

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Key Takeaways

• MetaMask has launched mUSD, its own dollar-pegged stablecoin, which is already live on Ethereum and Linea.
• mUSD is backed by cash and short-term US Treasuries, with Bridge and M0 handling the issuance and cross-chain tech.
• The stablecoin is fully built into MetaMask, letting users swap, bridge, and spend mUSD directly inside the wallet.
• MetaMask says mUSD meets regulatory standards and is designed for transparency, with a focus on trust and safe backing.
• Adoption will be key as MetaMask enters a competitive stablecoin market dominated by USDT and USDC.

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