Crypto wallet provider MetaMask said it will introduce MetaMask USD (mUSD), a dollar-pegged stablecoin that will be issued by Bridge, a platform owned by payments company Stripe
Crypto wallet provider MetaMask said it will introduce MetaMask USD (mUSD), a dollar-pegged stablecoin that will be issued by Bridge, a platform owned by payments company Stripe. The token marks the first stablecoin created by a self-custodial wallet and is intended to deepen the firm’s control over the liquidity used across its products.
mUSD is scheduled to debut later this year on the Ethereum mainnet and on Linea, the layer-2 network built by MetaMask parent Consensys. According to the announcement, the coin will be backed one-for-one by cash and short-term Treasury assets to comply with the recently enacted GENIUS Act, which set federal standards for stablecoin reserves.
MetaMask plans to integrate mUSD throughout its decentralised-finance ecosystem and to make the token spendable via the Mastercard-branded MetaMask debit card that is in pilot testing. While the company does not plan to pay yield on mUSD balances at launch, it said the token could be incorporated into future incentive programmes.
The move positions MetaMask alongside PayPal and Coinbase in releasing dollar-backed tokens as U.S. policy on privately issued digital dollars solidifies. MetaMask’s large retail user base could give mUSD an edge over incumbent stablecoins such as Tether’s USDT and Circle’s USDC once the coin goes live.
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Source: https://thedefiant.io/news/defi/metamask-unveils-dollar-backed-musd-stablecoin-stripe-support-2128d266
