MetaMask, one of the most widely used self-custodial crypto wallets, has announced the launch of its native stablecoin, MetaMask USD ($mUSD). With this, this is the first time that a self-custodial wallet has issued its stablecoin.
The announcement reveals the interest of MetaMask to expand its ecosystem with the introduction providing users with a stable option pegged to the dollar to be used in transactions, bridging, and payments.
A First in the Wallet Space
MetaMask USD is the first stablecoin ever to be offered by a self-custodial wallet provider. The initiative builds on partnerships with Bridge, a company owned by Stripe, and M0, a stablecoin platform, signalling the wallet’s increasing focus on deeper financial infrastructure.
Unlike existing stablecoins whose creation is mostly attributed to centralized actors, being centrally backed by MetaMask and its wallet ecosystem is an added benefit of $mUSD. It would reinforce consumer loyalty, coupled with an increase in the coverage of decentralized finance access.
Built for Everyday Utility
MetaMask USD is set up to be much more than a store of value. It will be able to facilitate on-ramps, swaps, and bridging, and, therefore, an easy-to-use choice for users who operate in the field of decentralized applications.
The firm has also announced that $mUSD is soon going to be spendable through the MetaMask Card at merchants around the world where Mastercard is accepted.
This closes the usage gap between the digital assets and actual spending, providing a dollar-based experience in holding, transacting, and spending.
Launching on Ethereum and Linea
The stablecoin will launch later this year in both Ethereum and Linea, a blockchain built by ConsenSys and touted as an ecosystem that will support Ethereum-native capital.
Linea has been gaining momentum as a layer-2 solution, and including the $mUSD in its network may solidify its status as a destination to support stable and scalable transactions.
The combination of the wallet’s impressive user base, both globally and the creation of MetaMask USD, has the potential to transform how users operate not only in DeFi, but also in traditional finance.
With its stability, utility, and convenience of direct integration in a commonly used wallet, $mUSD can help bridge the gap between the crypto economy and general financial applications.
