The newly launched mUSD stablecoin, introduced by the developers of MetaMask, one of the world’s most widely used crypto wallets, has seen rapid adoption. Within just seven days, the circulating supply of mUSD surged to $65 million, up from roughly $15 million at the start of last week, according to The Block.
Launch and key features
mUSD is pegged 1:1 to the US dollar and backed by “high-quality, highly liquid dollar equivalents.” The token officially launched last Monday and quickly positioned itself as one of the most dynamic new entrants in the stablecoin sector.
Data from Dune Analytics shows that the majority of mUSD supply (88.2%) has been deployed on the Linea Layer-2 blockchain, while the remaining 11.8% runs on Ethereum’s mainnet. This distribution highlights MetaMask’s strategy to prioritize scalability and lower transaction costs.
Technology and partners
To issue its stablecoin, MetaMask leverages Stripe’s Bridge platform and the decentralized infrastructure provided by M0, combining institutional-grade payment technology with Web3-native solutions. The partnership underscores a growing convergence between traditional financial rails and decentralized networks.
Market context
The rollout of mUSD comes at a time of heightened interest in stablecoins following the recent passage of the GENIUS Act in the United States, which set new regulatory standards for dollar-pegged digital assets. The total market capitalization of USD stablecoins now stands at nearly $280 billion, with mUSD emerging as a promising niche player in this rapidly evolving ecosystem.
Analysts note that MetaMask’s vast user base — tens of millions of wallets globally — could give mUSD a significant liquidity advantage over competitors. If integrated deeply into MetaMask’s ecosystem, mUSD has the potential to become a core instrument within the decentralized finance (DeFi) market.
Information links: minfin.