Leading crypto wallet provider MetaMask is launching its own stablecoin in partnership with payment giant Stripe Inc.’s stablecoin arm, Bridge, and decentralized stablecoin platform M0.
MetaMask is a self-custodial crypto wallet developed by Consensys, a software company focused on building products tailored to the Ethereum blockchain. MetaMask counts more than 100 million users annually and is connected to tens of thousands of decentralized applications, platforms that run on blockchains. The wallet’s stablecoin is called MetaMask USD (mUSD) and will be issued by Stripe’s Bridge, a stablecoin issuance and orchestration platform. Bridge will use M0’s onchain infrastructure to mint and transport the token.
Stablecoins are digital assets designed to track the value of US dollars one-for-one, often backed by reserves holding short-term treasuries and cash. Stripe’s Bridge will help manage the compliance, monitoring and reserve management for mUSD.
MetaMask is latest firm across crypto and payments to announce its own stablecoin strategy after President Donald Trump signed landmark stablecoin legislation earlier this year. The new law is expected to encourage a slew of new participants to enter the stablecoin sector.
