- MetaMask plans to launch its own stablecoin, mUSD, later this year on the Ethereum and Linea networks.
- The stablecoin will be fully backed 1:1 with high-quality, highly liquid assets reflective of U.S. dollars.
- mUSD is being developed in partnership with M0 and Bridge companies to streamline onboarding and usage for crypto wallet users.
- The launch follows new regulatory clarity in the United States after the U.S. GENIUS Act established a federal framework for payment stablecoins.
- Wyoming recently became the first U.S. state to issue a government-led crypto stablecoin.
MetaMask, a crypto wallet service, will introduce its own stablecoin, called mUSD, on the Ethereum and Linea blockchains later this year. The company says the new digital currency will be backed one-for-one with U.S. dollar equivalent assets.
According to MetaMask, the partnership with technology firms M0 and Bridge will make mUSD easier to use and help lower the costs for people bringing their assets directly into its self-custody wallets. Gal Eldar, Product Lead at MetaMask, stated, “MetaMask USD is a critical step in bringing the world on-chain…With MetaMask USD, users can bring their money on-chain, put it to work, spend it almost anywhere, and use it like money should be used.”
Luca Prosperi, Co-founder and CEO of M0, said the current stablecoin technology can be improved for better control and efficiency. Prosperi added, “Products such as MetaMask benefit from being able to customize the stablecoin technology…and from optimizing for interoperability and liquidity. The M0-Bridge integration offers builders the best stablecoin stack and the most robust issuance capabilities.”
Zach Abrams, CEO of Bridge, explained that their technology reduces the time to issue a custom stablecoin from more than a year to just weeks. This development allows platforms like MetaMask to deploy new financial products more efficiently.
Stablecoins are cryptocurrencies whose value is tied directly to the value of a fiat currency, such as the U.S. dollar. Their popularity has grown in the United States, especially after several pro-crypto laws and the recent U.S. GENIUS Act that introduced the country’s first federal guidelines for these digital assets.
Recently, Wyoming became the first state to launch its own government-backed stablecoin, marking a trend of increasing state-level involvement in digital currencies.
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