Crypto wallet provider MetaMask said it will introduce MetaMask USD (mUSD), a dollar-backed stablecoin scheduled to launch later this year on the Ethereum mainnet and Linea, the layer-2 network built by parent company Consensys. The token will be issued and custodied by Bridge, a subsidiary of payments giant Stripe, and will be fully backed by dollar-equivalent assets in compliance with the recently enacted GENIUS Act, which sets standards for U.S.-issued stablecoins.
mUSD marks the first time a self-custodial wallet has created a native stablecoin. MetaMask plans to integrate the token across its services, including on- and off-ramps for crypto trading as well as payments. The company said mUSD will also be enabled as a funding option for its Mastercard-branded MetaMask debit card before year-end, giving users a direct way to spend the stablecoin at merchants that accept the card.
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