MetaMask’s recently launched stablecoin, mUSD, has rapidly garnered attention in the cryptocurrency sphere, achieving a remarkable $65 million in circulating supply within just one week of its launch on September 15, 2025. This represents a significant uptick from an initial supply of approximately $15 million at the start of the week.
The stablecoin has been integrated into MetaMask’s wallet ecosystem, granting immediate access to over 30 million monthly active users. This strategic launch has facilitated swift adoption and interest in the token, as evidenced by a $62.6 million trading volume reported over the course of its first 24 hours.
According to data from Seoul Data Labs, a majority—88.2%—of mUSD’s supply is currently deployed on the Linea Layer 2 network, with the remaining 11.8% operating on the Ethereum mainnet. This deployment strategy aims to provide users with lower transaction costs while retaining compatibility with Ethereum.
MetaMask has partnered with Bridge, a subsidiary of Stripe, to handle mUSD’s issuance, and M0, a decentralized infrastructure provider, facilitates its minting. The stablecoin is designed to be fully backed by dollar-equivalent assets, including U.S. Treasury bills, ensuring a secure and compliant structure. To bolster transparency, mUSD undergoes daily audits to verify its reserves, setting it apart from other stablecoins that have come under scrutiny for their backing policies.
In terms of regulatory positioning, mUSD operates under the U.S. GENIUS Act, which focuses on payment stablecoins. This framework mandates strict reserve management and regular public disclosures, positioning mUSD as a compliant alternative in a growing market filled with unregulated options. The Treasury Department has recently begun seeking public comments on the implementation of the GENIUS Act, coinciding with mUSD’s launch and underscoring its regulatory alignment.
MetaMask is also planning to expand mUSD’s support to additional blockchain networks in the near future, adopting a multi-chain approach that will facilitate easier movement of funds across networks. The token is intended for various DeFi applications, including swaps, trading, and lending, and has introduced liquidity incentives to attract providers to decentralized exchanges.
Moreover, users can seamlessly manage mUSD within their existing MetaMask wallets, enabling them to hold, send, and swap the stablecoin without the need for additional tools. The stablecoin is also compatible with the MetaMask Card, allowing holders to spend mUSD at over 150 million merchants globally that accept Mastercard, with automatic fiat conversion during transactions. Full compatibility with the MetaMask Card is anticipated by the end of 2025.
As the U.S. dollar-pegged stablecoin market reaches a staggering total of $279.8 billion, with USDT leading the charge at $172.3 billion in circulation, mUSD’s entry into this evolving landscape positions it strategically for future growth and adoption.
