The MetaMask wallet has announced the launch of its own dollar-pegged stablecoin, mUSD, becoming the first of its kind for self-custodial wallets.
Launch of Stablecoin mUSD
The stablecoin mUSD was launched on Monday and is issued through Bridge, a platform owned by Stripe. mUSD is backed by dollar-equivalent assets at a 1:1 ratio. As of Monday, the circulating supply of mUSD stood at about $18 million.
Support and Usage of mUSD
MetaMask states that the stablecoin is aimed at expanding activities within the Linea DeFi ecosystem and will later integrate with a planned MetaMask Card developed in collaboration with Mastercard. Users will be able to hold, swap, and transfer mUSD directly within the wallet.
Expansion of MetaMask's Partnerships with Other Platforms
The launch of mUSD comes amid increasing competition in the stablecoin sector. Earlier this month, Tether announced plans for U.S.-compliant tokens. MetaMask aims to position itself more competitively by integrating support for new platforms and expanding its wallet functionality.
The launch of the mUSD stablecoin is a significant step for MetaMask in enhancing its capabilities and competitiveness within the digital currency market.
