MetaMask, the crypto wallet best known for its role in the Ethereum network, is expected to soon reveal details of its own stablecoin pegged to the U.S. dollar soon.
According to a person familiar with the matter. The token, which is to be called mUSD, could be announced as early as this week.
The plan for the coin surfaced after a governance proposal mentioning mUSD was accidentally posted online last week and quickly taken down. The source said the coin could launch as a live asset by the end of the month if everything goes as planned.
MetaMask is reportedly working with several companies to bring the project to life. Bridge, a payments firm acquired earlier this year by Stripe, is helping integrate systems for sending and receiving payments using mUSD. The wallet is also partnering with M^0, a stablecoin protocol, to handle the issuance process.
In addition, MetaMask is also bringing in support from the traditional finance world. Blackstone, one of the largest alternative asset managers, is expected to manage custody and treasury services for the new token. These services will likely involve holding and managing the reserves that back the stablecoin.
MetaMask Eyes Yields With mUSD Rollout
Launching a stablecoin would put MetaMask alongside other large crypto platforms that hold major reserves in well-known stablecoins such as Tether’s USDT and Circle’s USDC. Many of these companies benefit from yields generated by the assets backing their tokens, often short-term investments like U.S. Treasury bonds.
The person familiar with the plan said the stablecoin could create new options for users inside the MetaMask ecosystem while also adding another revenue source for the company. “The goal is to make transactions easier and faster for users while building something sustainable for the long term,” the source said.
If the timeline holds, crypto users could see mUSD in action before the month ends, marking a new step for one of Ethereum’s most popular wallets.