MetaMask Debuts mUSD Stablecoin in Collaboration with Bridge

MetaMask, the Consensys-backed non-custodial crypto wallet used by roughly 30 million people monthly, is rolling out mUSD, a dollar-pegged stablecoin it says will be built into the wallet and plugged into the DeFi ecosystem.

The announcement, shared with The Defiant, says mUSD will be available in-wallet at launch for on-ramps, swaps, transfers and cross-chain bridging, with “real-life” merchant spending via MetaMask Card planned later this year.

Under the hood, MetaMask is not going it alone. The token will use the M^0 issuance stack — a modular, Ethereum-centric stablecoin platform — and is being built with help from Bridge, the payments-focused stablecoin infrastructure business that Stripe acquired earlier this year in a deal reportedly worth $1.1 billion.

The stakes are high. The stablecoin market is nearing $280 billion, with Tether’s USDT alone accounting for more than 60% of the sector, according to DefiLlama. Momentum is also accelerating. Just weeks after U.S. President Donald Trump signed the GENIUS Act, providing clearer rules for stablecoin backing, auditing, and oversight, the market cap surged by roughly $18 billion.

Meanwhile, Wyoming this week became the first U.S. state to issue its own stablecoin. The Frontier Stable Token (FRNT), backed by USD and Treasury bills, has been hailed by some as a landmark moment for digital currency adoption, though critics have raised concerns about privacy and centralization.