TLDR
- mUSD reached $65.7M in circulating supply and $62.6M trading volume in one week.
- 88.2% of mUSD is deployed on Linea, an Ethereum-compatible Layer 2 network.
- mUSD is backed 1:1 by dollar-equivalent assets like U.S. Treasury bills.
- mUSD is compliant with the U.S. GENIUS Act and undergoes daily reserve audits.
MetaMask’s new stablecoin, mUSD, reached over $65 million in circulating supply just one week after its launch on September 15, 2025. The dollar-backed token saw rapid user adoption, driven by its native integration within MetaMask, cross-chain functionality, and compatibility with DeFi platforms. Most of the current supply is deployed on the Linea network, with growing interest across Ethereum.
Backed by Reserves and Built for Compliance
mUSD is fully backed 1:1 by dollar-equivalent assets such as U.S. Treasury bills. These reserves are held using regulated custody solutions, supported by Bridge, a Stripe subsidiary, and decentralized infrastructure provider M0.
Daily audits are in place to verify the backing of mUSD. These processes are intended to provide greater transparency and assurance compared to some other stablecoins, which have faced scrutiny in the past.
The stablecoin is issued in line with the U.S. GENIUS Act, a regulatory framework designed for payment stablecoins. This law mandates strict reserve management and regular disclosures. MetaMask’s decision to align mUSD with these rules positions it as a compliant alternative in a growing market.
Deployed on Linea and Ethereum for Cross-Chain Use
As of the latest data, 88.2% of mUSD is live on Linea, a Layer 2 Ethereum-compatible network. The rest is on Ethereum mainnet. This setup enables lower transaction costs while keeping access to Ethereum’s broader ecosystem.
MetaMask plans to support mUSD across multiple chains in the near future. The aim is to allow users to move funds between networks with ease, promoting more flexible use in DeFi protocols and other blockchain-based applications.
The token can be used for swaps, trading, lending, and other DeFi use cases. Liquidity incentives have also been introduced to attract liquidity providers and grow mUSD’s presence on decentralized exchanges.
Connected to Real-World Spending and MetaMask’s User Base
mUSD integrates directly with the MetaMask wallet, which has over 30 million monthly active users. This allows wallet users to hold, send, swap, and interact with mUSD across supported networks without using external tools.
The stablecoin is also compatible with the MetaMask Card, allowing holders to spend mUSD at over 150 million merchants that accept Mastercard. Fiat conversion is handled automatically during the transaction, providing an easy link between crypto assets and daily purchases.
According to MetaMask, mUSD will be fully usable through the card by the end of 2025. This link between blockchain and traditional finance is expected to expand use cases for stablecoins beyond DeFi.
Market Entry Strategy and Early Performance
In its first week, mUSD reached a circulating supply of $65.7 million, with $62.6 million in 24-hour trading volume. The early adoption is tied to its wallet-native features and regulatory status.
mUSD was created through a joint effort involving MetaMask, Bridge, and M0. The partnership allowed for rapid and compliant issuance, with infrastructure built to scale as demand increases.
The stablecoin enters a competitive market, currently dominated by USDT and USDC. Together, those two hold more than $250 billion in circulating supply. mUSD’s strategy includes offering yield-sharing features, although these have not yet been detailed publicly.
With regulatory support, built-in wallet access, and plans for broader chain integration, MetaMask aims to make mUSD a stablecoin suited for both DeFi and everyday use.
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