MetaMask Reportedly Collaborates with Stripe to Launch Its Own Stablecoin, mUSD, Expected to Debut This Week

MetaMask to Launch Its Own Stablecoin mUSD/mmUSD This Week

The native Ethereum wallet MetaMask is set to officially launch its own stablecoin, mUSD/mmUSD, this week. In collaboration with payment giant Stripe and asset management firm Blackstone, they will provide payment and custody services. This move will enhance their business, integrating fund storage, yield services, payments, and on-chain finance into one cohesive offering.

Governance Proposal Leak: Early Exposure of MetaMask Stablecoin mUSD

DLNews reported last week that a governance proposal regarding MetaMask’s stablecoin briefly appeared within the Aave community. Although it was quickly deleted, it has sparked considerable market discussion. An insider stated, “The proposal was removed swiftly because it was too early to disclose this stablecoin,” confirming the proposal’s authenticity.

Media Reports on mUSD/mmUSD Launch and Trading Pairs

Various foreign media have indicated that MetaMask’s mUSD/mmUSD (with different names reported by Decrypt and Coindesk) will debut as early as this week, with major trading pairs expected to be available by the end of the month. mmUSD aims to serve as the underlying asset of the MetaMask ecosystem, providing a neutral and highly liquid base currency, natively integrated across various interfaces of MetaMask, including wallet, exchange, trading, and yield services.

Support from Financial Giants: Stripe and Blackstone

Notably, the launch of this new stablecoin is backed by a stellar lineup, including:

• Stablecoin Protocol M^0: A protocol framework focused on providing token cross-chain interoperability and yield sharing, offering technical support for mUSD’s token issuance and programmability.
• Bridge by Stripe: A stablecoin payment infrastructure that provides payment channels and business user integration capabilities for mUSD.
• Alternative Asset Management Firm Blackstone: Responsible for custody and financial management, ensuring the security and yield optimization of the assets backing the stablecoin, seen as a trust endorsement from traditional finance.

This combination of on-chain infrastructure with traditional finance symbolizes that mUSD is not only a crypto-native asset but is also expected to penetrate real-world payment and retail scenarios directly.

Policy and Market Timing: The Surge of Stablecoins

The emergence of mUSD coincides with a spike in interest in the stablecoin market. The U.S. recently passed the GENIUS Act in July, providing regulatory clarity for U.S. dollar payment stablecoins. U.S. Treasury Secretary Scott Bessent further estimated that the global stablecoin market capitalization will soar from the current $280 billion to $3.7 trillion by 2030.

In this context, traditional financial giants, including JPMorgan and Citibank, have also initiated or evaluated stablecoin projects, and there are expectations for the establishment of industry alliances in the U.S. and South Korea.

Analyzing mUSD’s Strategic Layout: Yield-Driven Highlights?

The issuance of MetaMask’s stablecoin is primarily driven by yield distribution, which can be seen as a business highlight for the wallet provider. Looking at USDT and USDC, they hold users’ funds and allocate them to short-term, highly liquid assets such as U.S. Treasury bonds, generating significant interest income, which is the core revenue logic for most stablecoin issuers.

Moreover, MetaMask just announced a partnership with Aave last week, allowing wallet users to earn yields directly through Aave’s stablecoin lending pool in its application. Such yield services have become product advantages in Coinbase’s Base and Kraken’s Krak, with wallet product functionalities increasingly comprehensive, spanning fund management, real-world payments, and passive income.

Future Outlook: Intensifying Competition Among Wallets and Payment Super Apps

The launch of mUSD signifies a critical step for crypto wallets toward becoming financial “Super Apps.” With 30 million monthly active users, MetaMask is now attempting to integrate trading, payments, and asset management into the mUSD ecosystem, with the potential to continue creating applications for DeFi yield integration and cross-border settlements.

As announcements are expected this week, how MetaMask and its mUSD will break through the competitive landscape of super apps is worth continued market attention.

Risk Warning

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