MetaMask, the self-custodial crypto wallet from ConsenSys, officially launched its native stablecoin, MetaMask USD (mUSD), on September 15, 2025. The adoption has been explosive, with circulating supply surging from approximately $15 million to over $65 million within just seven days—representing a 400% growth.
mUSD is built directly into the MetaMask wallet ecosystem, offering seamless integration for its 30 million monthly active users. The stablecoin enables users to buy crypto with fiat directly from the wallet, swap or trade instantly, participate in DeFi protocols, and even spend digital assets in the real world via the MetaMask Card, which is accepted at over 150 million Mastercard merchants worldwide.
The stablecoin is issued in partnership with Bridge, a Stripe subsidiary, and minted through M0’s decentralized infrastructure. It is fully backed 1:1 by dollar-equivalent assets, including U.S. Treasury bills, and undergoes daily reserve audits to ensure transparency and compliance. mUSD operates under the U.S. GENIUS Act regulatory framework for payment stablecoins, addressing key concerns around stability and regulatory alignment.
Distribution is heavily weighted toward Linea, MetaMask’s Ethereum Layer 2 network, which hosts 88.2% of mUSD supply, while Ethereum mainnet holds the remaining 11.8%. Linea offers mUSD greater yield incentives compared to rivals like USDT and USDC, enhancing its appeal for DeFi users seeking both convenience and returns.
MetaMask has ambitious plans for mUSD, including expansion to additional blockchain networks, yield-sharing options, and periodic reserve transparency reports. The rapid early traction highlights growing market trust in MetaMask’s ecosystem and the demand for compliant, wallet-native stablecoins.
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