MetaMask Mulls Its Own Stablecoin

MetaMask is expected to annnounce its plans to unveil its a USD-backed stablecoin by end of August, according to Blockonomi. This initiative is out to be part of a strategic partnership with Bridge, now a Stripe company, and with the help of M^0, an issuance platform experienced in whitelabel services. Additionally, Blackstone may be involved in the processs to officially handle treasury and custody security.

The launch of the new stablecoin, not fully confirmed by name (mUSD or mmUSD), is a natural fit for the wallet infrastructure company and its existing integration within the native Ethereum ecosystem. It is expected that like many others in the industry, there will be a strong focus on short-term, liquid US treasuries included as part of the underlying reserve - following the issuer requirements set out in the GENIUS Act in July.

For MetaMask, this move does align with a broader outlook and product strategy to expand its initial service offerings. The introduction of the stablecoin will improve native pairs and effective fiat on/off-ramp solutions, especially across 10 further blockchain networks and assets such as ETH, BNB, and Polygon, with expected plans to add more tokens over time.