On Monday, September 15, popular crypto wallet MetaMask launched its own stablecoin, mUSD.

It is known that mUSD will be issued by Stripe’s stablecoin issuance platform Bridge and minted using the decentralized infrastructure of M0. The digital asset is fully backed by “high-quality, highly liquid, dollar-equivalent assets” at a 1:1 ratio, with real-time transparency and cross-chain interoperability via the M0 liquidity network.

Back in August, MetaMask developers announced that mUSD is the first stablecoin issued by a self-custody crypto wallet, and position it as the default unit of digital dollar in its ecosystem. Users will be able to add, store, exchange, transfer, and convert mUSD in MetaMask. Until the end of 2025, MetaMask Card holders will be able to pay for goods with the stablecoin in stores that accept Mastercard. According to the company's website, the circulating supply of mUSD is approximately $18 million.

Last week, Tether announced plans to launch a US-compliant stablecoin, USAT. Hyperliquid is also launching its own stablecoin. Traditional banks are also exploring the possibility of issuing or integrating digital assets pegged to the US dollar.