tl;dr
MetaMask plans to launch a stablecoin called mmUSD soon, partnering with Stripe to make it the main trading pair for its services. The initiative was briefly mentioned in an Aave governance proposal and is supported by stablecoin platform M^0. This launch comes amid growing interest in stablecoins d...
A MetaMask stablecoin, mmUSD, could launch as early as Thursday, according to a source familiar with the project. The Ethereum wallet provider is partnering with payment services giant Stripe to introduce mmUSD as the primary trading pair for its suite of services. This development surfaced in an Aave governance proposal that appeared briefly and was later deleted, with stablecoin platform M^0 reportedly backing the initiative.
The debut of mmUSD comes amid a surge in stablecoin interest fueled by a friendlier U.S. regulatory environment and increased recognition from traditional finance. Stablecoin issuer Circle’s recent IPO skyrocketed nearly 675% in its first two weeks, though it has since cooled to about 400% above its initial price. The passage of the GENIUS Act last month provided regulatory clarity for stablecoins, which are typically pegged to the U.S. dollar. Major financial institutions like JP Morgan Chase, Bank of America, and brokerage Robinhood have announced or are exploring their own stablecoin projects, signaling industry-wide momentum.
The stablecoin market currently boasts a $280 billion valuation, and forecasts from U.K. bank Standard Chartered predict it could balloon to $750 billion by the end of 2026. MetaMask’s parent company, Consensys, did not comment on the timing or details of mmUSD, maintaining a tight lid on the project.
Stripe’s involvement builds on its acquisition of stablecoin platform Bridge for about $1.1 billion last year. Bridge enables businesses to accept stablecoin payments and aims to rival global payment networks like Swift, Mastercard, and Visa. Stripe CEO Patrick Collison emphasized their mission to build the world’s best stablecoin infrastructure following the acquisition.
Additionally, a recent collaboration between MetaMask and Aave allows wallet users to earn yield on USDC, USDT, and DAI through Aave’s decentralized liquidity protocols directly via the MetaMask mobile app. This integration marks MetaMask Earn’s debut into decentralized finance (DeFi) lending, making earnings simpler and more accessible to everyday users. MetaMask currently boasts 100 million users, while Aave manages over $55 billion in net deposits, underscoring the scale and potential impact of this partnership.