Ethereum

Stablecoin

Million

MetaMask’s new dollar-pegged stablecoin, mUSD, has reached a circulating supply of $65 million, about a week after its launch, according to data on the project’s website.
The token, introduced last Monday, grew from roughly $15 million in supply to $65 million by early Monday. Blockchain analytics from Seoul Data Labs show that 88.2% of the supply is on Linea, with the remaining 11.8% on Ethereum as of Saturday.
MetaMask disclosed last month that mUSD is issued through Stripe’s Bridge platform and minted via decentralized infrastructure provided by M0. The firm said the stablecoin is backed one-for-one by “high-quality, highly liquid dollar-equivalent assets.”
The launch comes amid wider growth in the stablecoin market. Total circulating supply of dollar-pegged tokens stood at $279.8 billion as of Sunday, led by Tether’s USDT at $172.3 billion, data from The Block show.
Stablecoins have drawn heightened attention since the passage of the U.S. GENIUS Act in July, which set out a regulatory framework for the sector. The U.S. Treasury last week began seeking public comment on its implementation. Separately, blockchain firm Kaia and LINE NEXT said they will launch a stablecoin “superapp” later this year on LINE’s decentralized application portal.
MetaMask said the stablecoin is aimed at&nbsp;<a href="https://financefeeds.com/tbtc-launches-on-starknet-expanding-bitcoins-role-in-multi-chain-defi/" rel="noopener noreferrer nofollow">expanding activity on Linea’s DeFi</a>&nbsp;ecosystem and will later connect to a planned MetaMask Card, developed with Mastercard, enabling cardholders to spend mUSD in everyday transactions.
The move follows MetaMask’s broader push into payments. In April, the company&nbsp;<a href="https://financefeeds.com/robinhood-crypto-announces-launch-in-the-european-union/" rel="noopener noreferrer nofollow">announced a waitlist for its crypto</a>&nbsp;card, also in partnership with Mastercard.
The launch comes as competition heats up in the stablecoin sector. Earlier this month, Tether unveiled plans for a U.S.-compliant token dubbed USAT, while&nbsp;<a href="https://financefeeds.com/tradestation-announces-30-day-free-trial-of-option-alphas-automated-trading-platform/" rel="noopener noreferrer nofollow">trading platform Hyperliquid announced</a>&nbsp;its own native stablecoin. Traditional banks have also begun exploring tokenized dollars, buoyed by regulatory clarity in the United States.
MetaMask, incubated by Ethereum developer Consensys, said the move positions mUSD as the “default digital dollar unit” across its ecosystem. Users will be able to on-ramp, hold, swap, transfer, and bridge the stablecoin directly inside the wallet, with plans to enable payments via the MetaMask Card at Mastercard-accepting merchants by year-end.
MetaMask, which was originally built as the go-to wallet for Ethereum, has gradually evolved into a multi-chain hub as&nbsp;<a href="https://financefeeds.com/witness-the-intensifying-competition-as-uf-awards-mea-2024-nominations-persist/" rel="noopener noreferrer nofollow">competition among smart contract platforms has intensified</a>. Until recently, users needed third-party tools or custom RPC setups to access&nbsp;<a href="https://financefeeds.com/ondo-finance-and-pyth-partner-to-integrate-institutional-assets-with-over-65-blockchain-ecosystems/" rel="noopener noreferrer nofollow">blockchains outside the Ethereum ecosystem</a>.&nbsp;<a href="https://financefeeds.com/metamask-integrates-native-solana-support-in-browser-extension/" rel="noopener noreferrer nofollow">Native integration with major chains like Solana</a>, BNB Smart Chain, and now
MetaMask has steadily broadened its offerings. In May, it enabled support for Solana SPL tokens, while also working with BNB Smart Chain and Sei, alongside&nbsp;<a href="https://financefeeds.com/uniswap-hits-record-monthly-volume-on-ethereum-layer-2-networks/" rel="noopener noreferrer nofollow">Ethereum layer-2 networks</a>.
The addition of&nbsp;<a href="https://financefeeds.com/circle-to-end-usdc-support-on-justin-suns-tron-network/" rel="noopener noreferrer nofollow">Tron comes as the network</a>&nbsp;pursues greater visibility in global markets. In June, toy maker SRM Entertainment announced plans to rebrand as Tron Inc. and adopt TRX as part of its treasury, with Tron&nbsp;<a href="https://financefeeds.com/justin-suns-30m-investment-revived-trumps-crypto-project-says-founder/" rel="noopener noreferrer nofollow">founder Justin Sun</a>&nbsp;acting as adviser.
This integration could also serve as a test case for how MetaMask approaches other high-volume but controversial networks. Tron, despite its growth, has faced regulatory scrutiny in the U.S., with founder Justin Sun previously charged by the&nbsp;<a href="https://financefeeds.com/gemini-fires-back-at-secs-allegations-of-offering-unregistered-securities/" rel="noopener noreferrer nofollow">SEC over alleged securities</a>&nbsp;violations.

MetaMask’s mUSD Stablecoin Hits $65 Million Supply in First Week

FinanceFeeds

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