MetaMask Becomes First Self-Custodial Wallet to Issue Stablecoin

The rollout, announced on Monday, marks the first time a self-custodial crypto wallet has introduced its own native stablecoin.

The token is issued through Bridge, a stablecoin platform owned by Stripe, and relies on M0’s decentralized infrastructure for minting. Each mUSD is backed 1:1 by dollar-equivalent assets such as cash and Treasuries, with transparency provided in real time. Through M0’s liquidity network, the token is also designed to be interoperable across blockchains.

MetaMask positioned mUSD as more than just another stablecoin, framing it as the default dollar unit within its wallet ecosystem. Users will be able to buy, store, swap, transfer, and bridge the token directly inside the app.

By the end of the year, the company plans to make mUSD spendable through the MetaMask Card at any Mastercard-supported merchant, extending its use into day-to-day transactions.

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The debut comes at a time of heightened activity in the stablecoin market. Tether recently revealed plans for a U.S.-compliant version of its product, dubbed USAT, while decentralized exchange Hyperliquid is preparing to launch its own dollar-pegged token. Meanwhile, traditional banks, newly encouraged by clearer U.S. regulations, are also exploring tokenized dollar offerings.

As of launch day, mUSD’s circulating supply stood at roughly $18 million, according to figures published on its website. The move underscores MetaMask’s ambition to expand beyond being a wallet provider into a full financial ecosystem built around stable value.

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