A new governance proposal within MetaMask's community reveals plans to launch MetaMask USD (mmUSD), a stablecoin issued through Stripe's payment infrastructure. The initiative aims to leverage Stripe's regulatory compliance framework and global reach to create a fiat-backed stablecoin built on the decentralized "M₀" network. With MetaMask's 30+ million monthly active users, mmUSD would serve as a base currency across its ecosystem, directly competing with established stablecoins like USDC, USDT, and DAI.
The proposal includes deep integration with DeFi protocols, notably Aave, to enable lending, borrowing, and yield generation directly within MetaMask. Aave founder Stani Kulechov endorsed the partnership, stating: "This brings DeFi earning opportunities straight into the wallets people already use." Analysts predict the collaboration could significantly boost Ethereum-based DeFi volumes while providing institutional-grade compliance scaffolding through Stripe's KYC/AML infrastructure.
While unconfirmed by MetaMask or Stripe, the proposal signals MetaMask's strategic shift from Web3 gateway to integrated financial stack. Key unresolved aspects include mmUSD's reserve model, regulatory compliance across jurisdictions, and launch timeline. The move occurs amid stablecoins' growing prominence, with the sector holding over $250 billion in market capitalization.