Metamask, a self-custodial, decentralized wallet, is reportedly preparing to roll out its native stablecoin dubbed “MetaMask USD” (mmUSD) on Stripe, a payment processing platform.
According to data disclosed today by market analyst Crypto Patel, this new stablecoin will help decrease transaction fluctuations and improve utility for altcoins’ trading while taking advantage of Stripe’s robust financial ecosystem that connects TradFi and DeFi.
As per the announcement, the stablecoin will become the native asset for the MetaMask network, offering a highly liquid financial instrument inherently connected across all MetaMask products.
Why Move Into The Stablecoin Market?
Stablecoins play a significant function in DeFi, mainly acting as a means of payment and an investment tool. However, there are limited and sophisticated options existing in the market. MetaMask wants to transform this by launching its mmUSD stablecoin, a wallet-native service that aims to enable users to place their idle assets to function within the wallet.
Within the wallet, billions of dollars being held on-chain by users remain idle, even during a bull market. This rollout aims to allow users to place their tokens to function while supporting liquidity within the wallet network.
So far, there has been no formal communication from the partners above, and specific information about the token’s monetary system, launch date, and legal approvals is scarce. However, it will be interesting to find out that the partners are working for the release of this potential stable asset.
A Game-Changer for DeFi
Metamask is a DeFi wallet that allows users to utilize their assets independently, without the involvement of intermediaries.
It appears the platform saw an opportunity to introduce a native stablecoin into its wallet ecosystem, where people already, independently control their assets and anticipate an efficient experience. This development is a natural expansion of its self-custody wallet, which is connected to the DeFi ecosystem.
The new offering aims to widen MetaMask’s commitment to attract the next generation of on-chain users by introducing one of DeFi’s most utilized instruments into the wallets of everyday users.
