MetaMask Launches mUSD Stablecoin on Ethereum

MetaMask plans to introduce its stablecoin, mUSD, on Ethereum and Linea, with issuance by Bridge, a Stripe subsidiary, ensuring full asset backing and aiming for high transparency.

This release signals a significant stride in stablecoins, enhancing DeFi composability and adding credibility through Stripe’s involvement, impacting Ethereum’s ecosystem and payment integrations.

MetaMask Partners with Bridge and Stripe for mUSD Launch

MetaMask, a self-custodial crypto wallet, unveils its native stablecoin, mUSD, powered by M0. The stablecoin will initially deploy on Ethereum and Linea, aiming for seamless DeFi integration. Developed by Consensys, MetaMask’s leading wallet for user adoption sets the stage by partnering with Bridge and Stripe for this venture.

Backed 1:1 by liquid dollar-equivalent assets, mUSD seeks to ensure real-time transparency and composability. The stablecoin targets DeFi protocols and payments, including planned acceptance via the MetaMask Card at Mastercard merchants. The launch could significantly affect Ethereum and Linea ecosystems.

Statements from leadership emphasize efficiency and control: “MetaMask USD is a critical step in bringing the world on-chain… With MetaMask USD, users can bring their money on-chain, put it to work, spend it almost anywhere, and use it like money should be used. We’re not just bringing people on-chain. We’re building the reason they’ll never want to leave,” said Gal Eldar, Product Lead, MetaMask.

Historical Significance and Potential Impact on DeFi Integration

Did you know? The MetaMask USD initiative marks the first instance of a stablecoin being directly issued by a self-custodial wallet, setting a precedent for native use within digital wallets.

Ethereum’s current pricing at $4,250.86 reflects slight volatility, decreasing 2.41% over 24 hours. With its market cap reaching $513.11 billion, Ethereum commands 13.42% market dominance. A recent surge had Ethereum prices rise by 91.64% over 60 days, capturing substantial market interest.

Coincu research insights anticipate significant boosts in DeFi integration. The mUSD’s backing by Consensys and Stripe should provide strong institutional legitimacy, suggesting robust applicability in finance and tech sectors as regulatory clarity progresses. Ethereum’s current pricing