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What is MetaMask USD (MUSD)?

Quick Facts

  • Launched: September 2025 by MetaMask (Consensys)
  • Peg: 1:1 with the US Dollar
  • Backing: Short-term US Treasury bills held in regulated custody
  • Issuance partners: Bridge (a Stripe company) and the M0 protocol
  • Chains: Ethereum Mainnet and Linea (EVM Layer-2)
  • Milestone: First stablecoin launched by a self-custodial wallet
  • Spending: Usable at Mastercard merchants via the MetaMask Card

Introduction

MetaMask USD (mUSD) is the native stablecoin of the MetaMask ecosystem, designed to keep value steady at one US Dollar per token. It marks the first time a self-custodial wallet has issued its own stablecoin, giving users a dollar-denominated asset that lives directly inside their wallet.

By embedding a stablecoin at the wallet layer, MetaMask aims to simplify the full journey from buying crypto to spending it — all without leaving the app.

History & Background

MetaMask, developed by Consensys, announced mUSD in August 2025 and officially launched it in September 2025. The launch coincided with growing regulatory clarity in the United States around stablecoin legislation.

The stablecoin entered a competitive market alongside established players like USDT and USDC, differentiating itself through deep wallet-native integration rather than a standalone issuance model.

How MetaMask USD Works

mUSD is issued through Bridge, a licensed stablecoin issuance platform owned by Stripe. The on-chain mechanics are powered by the M0 protocol, a decentralized stablecoin infrastructure layer.

For every mUSD in circulation, an equivalent dollar value of short-term US Treasury bills is held in regulated custody. This 1:1 reserve model is designed to ensure peg stability and user redeemability at all times.

mUSD is designed for cross-chain composability and is initially live on Ethereum Mainnet and Linea, the EVM-equivalent Layer-2 network bootstrapped by Consensys.

Tokenomics

mUSD follows a fully collateralized model — each token is backed 1:1 by high-quality, liquid dollar-equivalent assets. There is no algorithmic component or under-collateralization risk built into the design.

The token is minted when users deposit fiat or swap crypto into mUSD, and redeemed when users exit to fiat or other assets. Yield generated by the underlying Treasury reserves is managed at the protocol level through the M0 infrastructure.

Circulating Supply ? 9.49 million MUSD
Total supply ? 9.49 million MUSD
Max supply ? -- MUSD
Updated 7h ago

Ecosystem & Use Cases

mUSD functions as a versatile financial primitive across the MetaMask ecosystem:

  • Onramping: Buy mUSD directly with debit cards, bank transfers, PayPal, Apple Pay, and Google Pay.
  • Swaps & Bridging: Trade mUSD against any token, or move it across supported chains.
  • DeFi: Use mUSD in lending markets, DEXs, and yield vaults — including a Money Account feature that earns variable yield.
  • Real-world spending: Spend on-chain holdings via the MetaMask Card at over 150 million Mastercard merchant locations globally.

Team, Governance & Community

mUSD is a product of Consensys, the blockchain technology company behind MetaMask. The token is issued in partnership with Bridge and M0, each contributing regulated custody and on-chain infrastructure respectively.

Governance decisions are driven by Consensys as the parent organization. The MetaMask community spans millions of wallet users globally, with active channels on Discord, Twitter, Reddit, and YouTube.

Advantages

  • Native wallet integration — mUSD lives inside MetaMask, reducing friction for everyday crypto users.
  • Regulated backing — Reserves are held in short-term US Treasuries under a licensed custodial framework.
  • Real-world spending — The MetaMask Card bridges on-chain assets and physical commerce.
  • Multi-chain support — Designed for interoperability across Ethereum, Linea, and future networks.
  • Yield potential — The Money Account feature allows users to earn on idle mUSD holdings.

Risks & Challenges

  • Custodial dependency — Reserve custody relies on Bridge (Stripe), introducing counterparty risk.
  • Liquidity outside MetaMask — Adoption in external DeFi protocols and exchanges is still maturing.
  • Regulatory exposure — As a fiat-backed stablecoin, mUSD is subject to evolving stablecoin regulations globally.
  • Competitive market — USDT and USDC dominate stablecoin liquidity and integrations across DeFi.

Long-Term Vision

MetaMask envisions mUSD as the default dollar layer for its entire product ecosystem — from wallet and card to DeFi and payments. The roadmap includes deeper integration across dApps, expansion to additional blockchains beyond Ethereum and Linea, and broader DeFi protocol adoption.

By positioning mUSD as a composable, cross-chain financial primitive, MetaMask is working toward making digital dollar management as seamless as traditional banking, but fully self-custodied and on-chain.

Frequently Asked Questions

mUSD is a US Dollar-pegged stablecoin natively integrated into the MetaMask wallet. It is the first stablecoin to be issued by a self-custodial wallet and is backed 1:1 by short-term US Treasury bills.

mUSD is issued through Bridge, a Stripe-owned stablecoin platform, using the M0 on-chain protocol. Each token is backed by an equivalent dollar value of short-term US Treasury bills held in regulated custody.

mUSD initially launched on Ethereum Mainnet and Linea, the EVM-compatible Layer-2 network by Consensys. Expansion to additional networks such as Monad is part of the longer-term roadmap.

You can buy mUSD directly inside MetaMask using payment methods like debit cards, bank transfers, PayPal, Apple Pay, or Google Pay. You can also swap other tokens into mUSD from within the MetaMask app.

mUSD supports swaps, bridging, DeFi participation, and yield earning through the Money Account feature. It can also be spent at over 150 million Mastercard merchant locations globally via the MetaMask Card.

mUSD is a separate stablecoin issued specifically by MetaMask in partnership with Bridge and M0. Unlike USDC or USDT, it is natively embedded in a self-custodial wallet and deeply integrated across MetaMask products.

Yes, mUSD is designed to be redeemable at a 1:1 ratio with the US Dollar. Users can off-ramp from mUSD back to fiat directly within the MetaMask interface.

MetaMask is developed by Consensys, one of the leading Ethereum-focused blockchain companies. mUSD was created in collaboration with Bridge (a Stripe company) and the M0 decentralized protocol.