MetaMask, one of the world’s most popular crypto wallets, is preparing to launch its own U.S. dollar-pegged stablecoin, a person familiar with the matter told Coindesk. The token, called mUSD, could be officially unveiled as soon as this week, with a full rollout planned before the end of the month.
The move is a major step for MetaMask, which has more than 30 million active monthly users and is a key entry point to the Ethereum ecosystem. By issuing its own branded stablecoin, the company is seeking to capture a share of the yield generated by underlying reserves — typically short-term U.S. Treasuries — that currently flows to third-party issuers like Tether and Circle.
MetaMask is developing mUSD in partnership with Bridge, a payments facilitator acquired earlier this year by fintech giant Stripe, and stablecoin issuance protocol M^0. The firm has also tapped alternative asset manager Blackstone to provide custody and treasury management services for the new token.
Hints of the project emerged last week when a governance proposal mentioning mUSD briefly appeared online before being deleted. MetaMask and M^0 declined to comment, while Blackstone and Bridge did not respond to requests for comment.
The stablecoin launch would put MetaMask in the growing ranks of major crypto platforms issuing their own dollar-backed tokens, a strategy aimed at deepening customer engagement and monetizing idle user balances.
If successful, mUSD could further blur the lines between wallet providers, payment networks, and stablecoin issuers — and pitch MetaMask as a more active player in the multi-hundred-billion-dollar stablecoin market.
Meanwhile, MetaMask is broadening its fiat off-ramp services to support 10 additional blockchain networks, streamlining the process of converting digital assets into traditional currency.
The newly supported networks include Arbitrum, Avalanche C-Chain, Base, BNB Chain, Celo, Fantom, Moonbeam, Moonriver, Optimism, and Polygon. Initially, users will be able to off-ramp ETH on Ethereum, ETH on Optimism, BNB, and Polygon tokens, with more assets added over time.
