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MetaMask Set to Launch Stablecoin This Month: CoinDesk
The crypto wallet king is reportedly teaming up with Stripe's Bridge, M^0, and Blackstone on the dollar-pegged token.
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MetaMask is preparing to unveil details of its new U.S. dollar-pegged stablecoin, mUSD, with an official announcement expected as soon as this week and a planned launch by the end of the month, CoinDesk reports.
What’s the Scoop?
- Governance Leak: The stablecoin plans first surfaced after a governance proposal was accidentally posted and quickly deleted last week.
- Partnerships in Place: MetaMask is working with Bridge, a Stripe-owned firm specializing in stablecoin payments, and issuance protocol M^0 to bring mUSD to market.
- Treasury Management: Blackstone has been tapped to handle custody and treasury operations for the token.
- Revenue Play: Like other platforms holding large amounts of USDT and USDC, MetaMask aims to capture yield from underlying stablecoin reserves, often held in short-term U.S. Treasuries.
- User Reach: MetaMask says it has over 30 million monthly active users, positioning mUSD for broad adoption across its ecosystem.
Bankless Take:
Its been a stablecoin summer, and MetaMask is the latest crypto player to create its own dollar-pegged tokens. While similar in concept to any other stablecoin, mUSD could derive a competitive advantage from MetaMask's widespread distribution among Ethereum-natives.