MetaMask, the leading self-custodial crypto wallet, has launched its own dollar-pegged stablecoin, mUSD, in partnership with Stripe-owned Bridge and decentralized infrastructure provider M0. The stablecoin went live on Monday with an initial circulating supply of approximately $18 million and is fully backed 1:1 by high-quality, liquid dollar-equivalent assets, offering real-time transparency and cross-chain interoperability through M0's liquidity network.
Transak has been named the exclusive onramp provider, enabling users in the U.S. and EU to purchase mUSD directly within MetaMask's wallet interface using SEPA, ACH, wire transfers, Visa, Mastercard, Apple Pay, and Google Pay. This integration simplifies the user experience by embedding deposit functionality directly into the app, replacing previous third-party redirects.
MetaMask positions mUSD as the default digital dollar unit across its ecosystem, aimed at expanding activity on Linea's DeFi ecosystem. Future plans include connecting mUSD to the MetaMask Card, developed with Mastercard, to enable cardholders to spend the stablecoin in everyday transactions by year-end. This move is part of MetaMask's broader push into payments, following its April announcement of a crypto card waitlist.
The launch occurs amid intensifying competition in the stablecoin sector, with recent entrants like Tether's planned USAT and Hyperliquid's native stablecoin. Traditional financial institutions are also exploring tokenized dollars due to improved U.S. regulatory clarity.