MetaMask’s mUSD stablecoin tops $65 million supply a week after launch
Quick Take
- MetaMask’s mUSD saw its circulating supply rise to $65 million as of early Monday morning, up from about $15 million a week earlier.
- The mUSD stablecoin, backed 1:1 by dollar-equivalent assets, officially went live last Monday, MetaMask said.
Crypto wallet MetaMask's new mUSD stablecoin has reached a circulating supply of 65 million ($65 million), about a week after it went live.
The mUSD stablecoin, which officially launched last Monday, saw its circulating supply rise to $65 million early Monday morning, up from around $15 million a week earlier, according to its website.
According to Dune analytics data compiled by Seoul Data Labs, most of the mUSD supply was deployed on Linea (88.2%), with the remainder on Ethereum (11.8%) as of Saturday.
MetaMask revealed last month that mUSD is issued through Bridge, Stripe's stablecoin platform, and minted using M0's decentralized infrastructure. The stablecoin is backed 1:1 by "high-quality, highly liquid dollar-equivalent assets," the company said.
As of Sunday, the total supply of U.S. dollar-pegged stablecoins climbed to $279.8 billion, led by USDT with $172.3 billion in circulation, according to The Block's data dashboard.
Stablecoins have emerged as a key focus for many crypto firms following the passage of the U.S. GENIUS Act in July. Last week, the U.S. Treasury Department said it began seeking public comment on its implementation of the GENUS Act. Layer 1 blockchain Kaia and LINE NEXT also announced today that they plan to launch a stablecoin superapp set to debut on LINE's Dapp Portal later this year.
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