Leading crypto wallet provider MetaMask is launching its own stablecoin in partnership with payment giant Stripe Inc.’s stablecoin arm, Bridge, and decentralized stablecoin platform M0.
MetaMask is a self-custodial crypto wallet developed by Consensys, a software company focused on building products tailored to the Ethereum blockchain. MetaMask counts more than 100 million users annually and is connected to tens of thousands of decentralized applications, platforms that run on blockchains. The wallet’s stablecoin is called MetaMask USD (mUSD) and will be issued by Stripe’s Bridge, a stablecoin issuance and orchestration platform. Bridge will use M0’s onchain infrastructure to mint and transport the token.
Stablecoins are digital assets designed to track the value of US dollars one-for-one, often backed by reserves holding short-term treasuries and cash. Stripe’s Bridge will help manage the compliance, monitoring and reserve management for mUSD.
MetaMask is latest firm across crypto and payments to announce its own stablecoin strategy after President Donald Trump signed landmark stablecoin legislation earlier this year. The new law is expected to encourage a slew of new participants to enter the stablecoin sector.
The plan is for mUSD to integrate into MetaMask’s wallet for users to hold, spend and transact across the web3 ecosystem including lending markets, decentralized exchanges and custodial platforms. mUSD will be available across blockchains, starting with Ethereum and Linea, the so-called layer two chain bootstrapped by Consensys. MetaMask will also leverage M0’s liquidity features to support the token as it launches on other blockchains.
At launch, mUSD will be available for on ramping into the cryptoverse, swaps, transfers and bridging across chains. By the end of the year, the plan is to make mUSD spendable for users through the MetaMask card which is accepted at any merchant within the Mastercard Inc. network.