{"id":"metamask-usd","title":"MetaMask USD (mUSD)","content":"**MetaMask USD** (ticker: **$mUSD**) is a U.S. dollar-pegged [stablecoin](https://iq.wiki/wiki/stablecoin) developed for the [MetaMask](https://iq.wiki/wiki/metamask) ecosystem. It is the first native [stablecoin](https://iq.wiki/wiki/stablecoin) to be launched by a self-custodial [cryptocurrency wallet](https://iq.wiki/wiki/cryptocurrency-wallet) and is designed for deep integration [across](https://iq.wiki/wiki/across) [decentralized applications](https://iq.wiki/wiki/decentralized-application) (dapps) and [decentralized finance](https://iq.wiki/wiki/defi) (DeFi) protocols. The [stablecoin](https://iq.wiki/wiki/stablecoin) officially launched on September 15, 2025. [\\[7\\]](#cite-id-WNeDRXUr7G) [\\[8\\]](#cite-id-hxxvDE1Tod)\n\n## Overview\n\n[MetaMask](https://iq.wiki/wiki/metamask) USD was developed by Consensys, the software company behind the [MetaMask](https://iq.wiki/wiki/metamask) wallet, which serves over 100 million users annually. [\\[4\\]](#cite-id-YuF2HZIKMM) The [stablecoin](https://iq.wiki/wiki/stablecoin) is issued by Bridge, a subsidiary of the financial technology company Stripe, and its on-chain functions are powered by M0, a decentralized [stablecoin](https://iq.wiki/wiki/stablecoin) infrastructure platform. [\\[3\\]](#cite-id-zGcgAnBLfQ) [\\[5\\]](#cite-id-1cpgfIjUiJ) [\\[8\\]](#cite-id-hxxvDE1Tod)\n\nThe primary goal of $mUSD is to provide a seamless, dollar-denominated experience for holding, spending, and transacting within the [web3](https://iq.wiki/wiki/web3) environment, directly from the [MetaMask](https://iq.wiki/wiki/metamask) wallet. It aims to reduce friction and costs for users onboarding into self-custody and DeFi. [\\[1\\]](#cite-id-5u0IFZ7G0w) [\\[3\\]](#cite-id-zGcgAnBLfQ)\n\nThe [stablecoin](https://iq.wiki/wiki/stablecoin) is designed to be a neutral, highly [liquid](https://iq.wiki/wiki/liquid) asset that facilitates 1:1 fiat-to-crypto onboarding for certain payment methods. Its introduction is intended to enhance the user experience for [common](https://iq.wiki/wiki/common) wallet activities such as on-ramping, trading, lending, and spending. The launch of $mUSD occurred during a period of growing [stablecoin](https://iq.wiki/wiki/stablecoin) adoption and increasing regulatory clarity in the United States, notably following the passage of the [GENIUS Act](https://iq.wiki/wiki/genius-act), which established a federal framework for regulating payment stablecoins. [\\[1\\]](#cite-id-5u0IFZ7G0w) [\\[2\\]](#cite-id-vOObrwAWt7)\n\nGal Eldar, Product Lead at [MetaMask](https://iq.wiki/wiki/metamask), stated that the [stablecoin](https://iq.wiki/wiki/stablecoin) is intended to address significant barriers in [web3](https://iq.wiki/wiki/web3).\n\n> \"It will allow us to cut through some of the most stubborn barriers in \\[\\[web3] - (https://iq.wiki/wiki/web3)] - (https://iq.wiki/wiki/web3) and reduce both friction and costs for people onboarding directly into a self-custodial wallet. With \\[\\[\\[MetaMask] - (https://iq.wiki/wiki/metamask)] - (https://iq.wiki/wiki/metamask)] - (https://iq.wiki/wiki/metamask) USD, users can bring their money onchain, put it to work, spend it almost anywhere, and use it like money should be used.\" [\\[1\\]](#cite-id-5u0IFZ7G0w) [\\[5\\]](#cite-id-1cpgfIjUiJ)\n\n## History\n\n[MetaMask](https://iq.wiki/wiki/metamask) USD officially went live on September 15, 2025, marking the popular crypto wallet's entry into the [stablecoin](https://iq.wiki/wiki/stablecoin) market. [\\[7\\]](#cite-id-WNeDRXUr7G) [\\[8\\]](#cite-id-hxxvDE1Tod) On its launch day, the [stablecoin](https://iq.wiki/wiki/stablecoin)'s circulating supply reached approximately $18 million. [\\[8\\]](#cite-id-hxxvDE1Tod)\n\nThe project was first formally announced on August 21, 2025. Prior to the official announcement, speculation about the development of $mUSD had emerged after a governance proposal detailing the [stablecoin](https://iq.wiki/wiki/stablecoin) was briefly published online before being removed. [\\[2\\]](#cite-id-vOObrwAWt7) [\\[6\\]](#cite-id-g3D7gzLDV6)\n\nThe initial rollout of [MetaMask](https://iq.wiki/wiki/metamask) USD occurred on the [Ethereum](https://iq.wiki/wiki/ethereum) [mainnet](https://iq.wiki/wiki/mainnet) and Linea, a [Layer 2](https://iq.wiki/wiki/layer-2) network developed by Consensys. The project aims to establish $mUSD as a foundational component of the growing DeFi ecosystem on the Linea network. [\\[1\\]](#cite-id-5u0IFZ7G0w)\n\n## Technology & Issuance\n\n[MetaMask](https://iq.wiki/wiki/metamask) USD's architecture is built upon a partnership between three key entities: Consensys (the developer of [MetaMask](https://iq.wiki/wiki/metamask)), Bridge (the issuer), and M0 (the infrastructure provider). This collaboration combines regulatory compliance, transparent [reserve](https://iq.wiki/wiki/reserve) management, and decentralized interoperability. [\\[1\\]](#cite-id-5u0IFZ7G0w)\n\n### Issuance and Reserve Management\n\nThe issuance of $mUSD is managed by Bridge, a Stripe company that provides a [stablecoin](https://iq.wiki/wiki/stablecoin) orchestration and issuance platform. Bridge is responsible for ensuring regulatory compliance, providing ongoing monitoring, and managing the reserves that back the [stablecoin](https://iq.wiki/wiki/stablecoin). According to the announcement, $mUSD is fully backed on a 1:1 basis by high-quality, highly [liquid](https://iq.wiki/wiki/liquid) U.S. dollar-equivalent assets, including cash and U.S. Treasuries. [\\[6\\]](#cite-id-g3D7gzLDV6) [\\[8\\]](#cite-id-hxxvDE1Tod)\n\nZach Abrams, co-founder and CEO of Bridge, highlighted the efficiency of their platform:\n\n> \"Issuing a custom \\[stablecoin] - (https://iq.wiki/wiki/stablecoin) used to take more than a year of complex integrations. With our issuance technology, we’ve reduced that timeline to a matter of weeks.\" [\\[1\\]](#cite-id-5u0IFZ7G0w) [\\[5\\]](#cite-id-1cpgfIjUiJ)\n\n### On-chain Infrastructure\n\nThe on-chain minting and cross-chain functionality of $mUSD are powered by the M0 protocol. M0 is a decentralized platform designed to support the creation of interoperable and composable stablecoins. By utilizing M0, [MetaMask](https://iq.wiki/wiki/metamask) USD is built for cross-chain use via the M0 liquidity network, which aligns with [MetaMask](https://iq.wiki/wiki/metamask)'s goal of providing a multi-chain wallet experience.\n\nLuca Prosperi, Co-founder and CEO of M0, explained the platform's value proposition:\n\n> \"We want to empower the builders of great crypto products to truly control the digital dollar stack they utilize in order to deliver the best end-user experience.\" [\\[5\\]](#cite-id-1cpgfIjUiJ)\n\n## Tokenomics\n\nAs a [stablecoin](https://iq.wiki/wiki/stablecoin), the core economic principle of [MetaMask](https://iq.wiki/wiki/metamask) USD is to maintain a [stable](https://iq.wiki/wiki/stable) value pegged at 1:1 with the U.S. dollar. This peg is maintained through a full-[reserve](https://iq.wiki/wiki/reserve) model, where each $mUSD token in circulation is backed by an equivalent amount of assets held in [reserve](https://iq.wiki/wiki/reserve).\n\nThese reserves, managed by Bridge, consist of high-quality and highly [liquid](https://iq.wiki/wiki/liquid) assets denominated in U.S. dollars, such as cash and U.S. Treasuries. The model is designed to ensure that users can redeem their $mUSD for its equivalent value in fiat currency, providing stability and trust in the asset. The platform aims to offer real-time transparency regarding its reserves. [\\[1\\]](#cite-id-5u0IFZ7G0w) [\\[6\\]](#cite-id-g3D7gzLDV6)\n\n### Revenue Model\n\nUnlike many stablecoins where the issuer retains all the yield generated from the underlying reserves, the $mUSD model includes a revenue-sharing component for Consensys. A [portion](https://iq.wiki/wiki/portion) of the yield generated from the cash and U.S. Treasuries backing $mUSD will be directed to [MetaMask](https://iq.wiki/wiki/metamask). This creates a new revenue stream for the wallet provider, which can be used to fund ongoing development and improve user features. [\\[6\\]](#cite-id-g3D7gzLDV6)\n\nAjay Mittal, vice president of product strategy at [MetaMask](https://iq.wiki/wiki/metamask), confirmed this model:\n\n> \"\\[MetaMask] - (https://iq.wiki/wiki/metamask) will benefit from the yield that backs mUSD. A \\[portion] - (https://iq.wiki/wiki/portion) of that supports \\[MetaMask] - (https://iq.wiki/wiki/metamask) , helping us keep improving the wallet and building better features for users.\" [\\[6\\]](#cite-id-g3D7gzLDV6)\n\nThis approach mirrors the highly profitable model used by major [stablecoin](https://iq.wiki/wiki/stablecoin) issuers like Tether, which generated [billions](https://iq.wiki/wiki/billions) in profits from its treasury holdings. [\\[6\\]](#cite-id-g3D7gzLDV6)\n\n## Use Cases & Ecosystem Integration\n\n[MetaMask](https://iq.wiki/wiki/metamask) USD is designed to be deeply integrated into the [MetaMask](https://iq.wiki/wiki/metamask) wallet and its broader ecosystem, serving both on-chain and real-world financial activities. [\\[2\\]](#cite-id-vOObrwAWt7) According to Ajay Mittal, the tight integration aims to provide \"potentially lower cost, greater composability [across](https://iq.wiki/wiki/across) the stack, and a seamless way to ramp, swap, bridge, and spend.\" [\\[6\\]](#cite-id-g3D7gzLDV6)\n\n### In-Wallet and DeFi Functionality\n\nFollowing its launch, $mUSD is available for several core functions directly within the [MetaMask](https://iq.wiki/wiki/metamask) wallet:\n\n* **On-ramps:** Facilitating the conversion of fiat currency into crypto.\n* **Swaps:** Trading $mUSD for other cryptocurrencies.\n* **Transfers:** Sending the [stablecoin](https://iq.wiki/wiki/stablecoin) to other wallet addresses.\n* **Bridging:** Moving $mUSD [across](https://iq.wiki/wiki/across) different [blockchain](https://iq.wiki/wiki/blockchain) networks.\n\nThe [stablecoin](https://iq.wiki/wiki/stablecoin) initially launched on [Ethereum](https://iq.wiki/wiki/ethereum) and Linea. On Linea, $mUSD is positioned to become a key asset within its DeFi ecosystem. Plans include integrating the [stablecoin](https://iq.wiki/wiki/stablecoin) into core protocols such as lending markets, decentralized exchanges, and custodial platforms to help build deep liquidity and drive network activity and Total Value Locked (TVL) growth. [\\[1\\]](#cite-id-5u0IFZ7G0w)\n\n### Real-World Payments\n\n[MetaMask](https://iq.wiki/wiki/metamask) plans to extend the utility of $mUSD to real-world commerce. By the end of 2025, users are expected to be able to spend their $mUSD holdings via the [MetaMask](https://iq.wiki/wiki/metamask) Card. This card will be linked to the Mastercard network, enabling payments at millions of merchant locations worldwide that accept Mastercard. This integration represents a significant step in bridging the gap between decentralized digital assets and traditional payment systems. [\\[1\\]](#cite-id-5u0IFZ7G0w) [\\[2\\]](#cite-id-vOObrwAWt7)\n\n### Market Context and Competition\n\n[MetaMask](https://iq.wiki/wiki/metamask) USD enters a rapidly growing and competitive [stablecoin](https://iq.wiki/wiki/stablecoin) market. By August 2025, the total market capitalization of stablecoins had exceeded $278 billion. Industry analysts project significant future growth, with some predicting the market could reach between $2.5 trillion and $3.7 trillion within five years. The launch comes at a time of increasing institutional interest and clearer regulatory frameworks, which are expected to fuel further adoption. [\\[6\\]](#cite-id-g3D7gzLDV6)\n\nThe market is currently dominated by established players like Tether (USDT) and [Circle](https://iq.wiki/wiki/circle) ([USDC](https://iq.wiki/wiki/usdc)). [MetaMask](https://iq.wiki/wiki/metamask) aims to differentiate $mUSD through its native integration within its widely used wallet, potentially offering a more seamless user experience and lower friction for its millions of users compared to third-party stablecoins. [\\[6\\]](#cite-id-g3D7gzLDV6) [\\[7\\]](#cite-id-WNeDRXUr7G) The launch of mUSD coincided with other developments in the space, including plans from Tether to launch a U.S.-compliant [stablecoin](https://iq.wiki/wiki/stablecoin) and efforts by traditional banks to explore tokenized dollars. [\\[8\\]](#cite-id-hxxvDE1Tod)\n\n## MetaMask Rewards Program\n\nOn October 6, 2025, [MetaMask](https://iq.wiki/wiki/metamask) announced a rewards program ahead of its anticipated token launch. The program's first season is set to distribute over $30 million in incentives to users. The initiative is designed to compensate users for their regular on-chain activity and provide long-term community benefits. [\\[9\\]](#cite-id-5u2VzzyDOD)\n\nThe rewards will include referral bonuses, incentives in the company's mUSD [stablecoin](https://iq.wiki/wiki/stablecoin), partner rewards, and token access. Notably, the rewards will feature LINEA tokens from Linea, the [Ethereum](https://iq.wiki/wiki/ethereum) layer-2 network also developed by Consensys. [\\[9\\]](#cite-id-5u2VzzyDOD)\n\nConsensys founder and CEO [Joe Lubin](https://iq.wiki/wiki/joe-lubin) described the program as a step toward a larger evolution for the platform.\n\n> \"\\[MetaMask] - (https://iq.wiki/wiki/metamask) is building the future of personal finance. We’re designing an experience that rewards people for how they already use \\[MetaMask] - (https://iq.wiki/wiki/metamask) through meaningful incentives, perks, and referrals. This is just the first step toward a much larger evolution, one that deepens how \\[MetaMask] - (https://iq.wiki/wiki/metamask) connects, empowers, and rewards its community.\" [\\[9\\]](#cite-id-5u2VzzyDOD)\n\nThe program is directly connected to the forthcoming [MetaMask](https://iq.wiki/wiki/metamask) token. Lubin emphasized that long-time users would receive special benefits through both the rewards program and the future token generation event. Following the announcement, [MetaMask](https://iq.wiki/wiki/metamask) planned to roll out full details of the program in the coming weeks. [\\[9\\]](#cite-id-5u2VzzyDOD)\n\n## Partnerships\n\nThe creation and operation of [MetaMask](https://iq.wiki/wiki/metamask) USD rely on a strategic partnership between three organizations, each contributing a specialized component to the project.\n\n* **Consensys:** As the developer of [MetaMask](https://iq.wiki/wiki/metamask) and the Linea network, Consensys provides the core user-facing platform and the initial [blockchain](https://iq.wiki/wiki/blockchain) ecosystems where $mUSD was deployed.\n* **Bridge (a Stripe company):** Bridge serves as the official issuer of $mUSD. Its role encompasses managing the legal and regulatory compliance aspects of issuance, overseeing the asset reserves that back the [stablecoin](https://iq.wiki/wiki/stablecoin), and providing the orchestration technology for minting and redemption.\n* **M0:** M0 provides the underlying decentralized protocol for the [stablecoin](https://iq.wiki/wiki/stablecoin). Its infrastructure enables the on-chain minting of $mUSD and is designed to ensure interoperability and composability [across](https://iq.wiki/wiki/across) multiple [blockchain](https://iq.wiki/wiki/blockchain) networks.\n\nThis collaborative structure allows [MetaMask](https://iq.wiki/wiki/metamask) to offer a native [stablecoin](https://iq.wiki/wiki/stablecoin) while leveraging the specialized expertise of partners in financial technology, compliance, and decentralized infrastructure. [\\[1\\]](#cite-id-5u0IFZ7G0w) [\\[4\\]](#cite-id-YuF2HZIKMM)","summary":"MetaMask USD (mUSD) is a native stablecoin for the MetaMask wallet, developed by Consensys. Issued by Bridge (a Stripe company) and powered by M0, it will launch on Ethereum and Linea, integrating with DeFi protocols and the MetaMask Card for payments.","images":[{"id":"QmeQZecahAj5cJAeh4o2mW14fHX4xbMfF6Hprv5WqUt3Zs","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"cryptocurrencies"}],"tags":[{"id":"Stablecoins"},{"id":"Ethereum"}],"media":[],"metadata":[{"id":"twitter_profile","value":"https://x.com/MetaMask"},{"id":"github_profile","value":"https://github.com/MetaMask"},{"id":"discord_profile","value":"https://discord.gg/consensys"},{"id":"references","value":"[{\"id\":\"5u0IFZ7G0w\",\"url\":\"https://metamask.io/news/metamask-announces-stablecoin-metamask-usd\",\"description\":\"Official announcement of MetaMask USD\",\"timestamp\":1755783068668},{\"id\":\"vOObrwAWt7\",\"url\":\"https://cryptonews.com/news/ethereum-wallet-metamask-to-launch-native-stablecoin-musd/\",\"description\":\"News report on the mUSD launch\",\"timestamp\":1755783068668},{\"id\":\"zGcgAnBLfQ\",\"description\":\"Metamask announcement tweet\",\"timestamp\":1755783396527,\"url\":\"https://x.com/MetaMask/status/1958501352805392885\"},{\"id\":\"YuF2HZIKMM\",\"url\":\"https://www.bloomberg.com/news/articles/2025-08-21/crypto-wallet-provider-metamask-to-offer-a-stablecoin-with-stripe-s-bridge?embedded-checkout=true\",\"description\":\"MetaMask stablecoin launch with Stripe's Bridge\",\"timestamp\":1755787432908},{\"id\":\"1cpgfIjUiJ\",\"url\":\"https://cryptobriefing.com/metamask-usd-stablecoin-launch/\",\"description\":\"MetaMask to debut wallet-native stablecoin mUSD\",\"timestamp\":1755787432908},{\"id\":\"g3D7gzLDV6\",\"url\":\"https://www.dlnews.com/articles/defi/metamask-exec-says-stablecoin-will-also-serve-as-revenue-gen/\",\"description\":\"MetaMask stablecoin to serve as revenue generator\",\"timestamp\":1755787432908},{\"id\":\"WNeDRXUr7G\",\"url\":\"https://cryptobriefing.com/metamask-launches-musd-stablecoin/\",\"description\":\"MetaMask launches mUSD stablecoin\",\"timestamp\":1757960659726},{\"id\":\"hxxvDE1Tod\",\"url\":\"https://www.theblock.co/post/370693/metamasks-musd-stablecoin-goes-live-as-number-of-dollar-pegged-tokens-grows\",\"description\":\"MetaMask's mUSD stablecoin goes live\",\"timestamp\":1757960659726},{\"id\":\"5u2VzzyDOD\",\"url\":\"https://decrypt.co/343123/metamask-30-million-rewards-program-ethereum-token\",\"description\":\"MetaMask Reveals $30 Million Rewards Program\",\"timestamp\":1759800285711}]"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmXocQRpSijYyYVh4ytZ9XPUTVqMJmu8BEdLmeBabcdfcB\""},{"id":"commit-message","value":"\"docs: Add section on the new MetaMask Rewards Program and upcoming token launch\""},{"id":"previous_cid","value":"QmXocQRpSijYyYVh4ytZ9XPUTVqMJmu8BEdLmeBabcdfcB"}],"events":[{"id":"84a5da33-6402-414d-a4da-9a0062c0e605","date":"2025-08","title":"MetaMask USD Announced","type":"CREATED","description":"MetaMask announced its native stablecoin, MetaMask USD ($mUSD), in partnership with Bridge and M0. It is the first stablecoin launched by a self-custodial wallet and will initially be available on Ethereum and Linea.","multiDateStart":null,"multiDateEnd":null},{"id":"69aac816-6739-4283-a7c3-363c0d2a476b","date":"2025-09","title":"MetaMask USD Launch","type":"DEFAULT","description":"MetaMask USD ($mUSD) officially launched on Ethereum and Linea, with a circulating supply reaching approximately $18 million on its first day."}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"language":"en","version":1,"linkedWikis":{"blockchains":["ethereum"],"founders":[],"speakers":[]},"operator":{"id":"0xbc74F7Beea348c97350e4DBc49227A5Ee7d27D3e"}}