MetaCurrency's stablecoin, mUSD, formally enters circulation
MetaMask, the popular self-custodial browser wallet, has entered the stablecoin market with the launch of its native stablecoin, MetaMask USD (mUSD). This venture is a partnership with Circle, the company behind the USDC stablecoin, and also the issuer of mUSD.
The new stablecoin, mUSD, competes with major players like Tether's USDT and Circle's USDC. As a U.S. dollar-backed stablecoin, mUSD aims to enhance liquidity within the MetaMask ecosystem.
The circulating supply of mUSD, as of late Monday evening, surpassed $24.3 million. This makes mUSD the first stablecoin issued by a self-custodial browser wallet.
M0, MetaMask's interoperability partner, has plans for more multichain expansions, thanks to its partnership with Wormhole. This could potentially increase the reach and utility of mUSD.
Declan Fox, Head of Linea, stated that as mUSD grows, the revenue generated can be used to grow the ecosystem. Linea is a scaling solution for Ethereum. Initially, mUSD was launched on Ethereum and the Linea layer 2 network.
Interestingly, the stablecoin issuer for mUSD, Bridge, is owned by Stripe. This partnership could potentially bring more stability and credibility to mUSD.
This information comes from the Unchained Daily newsletter. As MetaMask continues to innovate and expand, it will be interesting to see how mUSD fares in the competitive stablecoin market.
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