TLDR
- MetaMask’s mUSD stablecoin reached $65 million in circulating supply within one week of its September 15, 2025 launch
- 88.2% of mUSD supply is deployed on Linea Layer 2 network, with 11.8% on Ethereum mainnet
- The stablecoin is backed 1:1 by dollar-equivalent assets including U.S. Treasury bills and undergoes daily reserve audits
- mUSD complies with the U.S. GENIUS Act regulatory framework for payment stablecoins
- Integration with MetaMask’s 30 million monthly users and compatibility with MetaMask Card for merchant payments
MetaMask’s new stablecoin mUSD has achieved $65 million in circulating supply just one week after its official launch on September 15, 2025. The rapid growth represents a jump from approximately $15 million in supply at the start of the week.
MetaMask USD ($mUSD) is now live. 🦊
The best way in and out of crypto is here. pic.twitter.com/h6zSUao7Ka
— MetaMask.eth 🦊 (@MetaMask) September 15, 2025
The stablecoin launched with immediate integration into MetaMask’s wallet ecosystem. This gave the token access to over 30 million monthly active users from day one.
According to data from Seoul Data Labs, most of the mUSD supply is currently deployed on the Linea network. Specifically, 88.2% of tokens are on Linea, with the remaining 11.8% on Ethereum mainnet.
The first week also saw $62.6 million in 24-hour trading volume. This early trading activity shows strong initial market interest in the new stablecoin.
JUST IN: MetaMask's mUSD stablecoin supply skyrockets to $65M within the first week. 88.2% on Linea network, 11.8% on Ethereum. Backed by dollar assets via Stripe's Bridge platform amidst expanding stablecoin market. US GENIUS Act implemented recently.
— RWA Pulse – by RWA.io (@rwa_pulse) September 22, 2025
MetaMask developed mUSD through partnerships with Bridge, a Stripe subsidiary, and M0, a decentralized infrastructure provider. Bridge handles the issuance through its stablecoin platform while M0 provides the minting infrastructure.
The stablecoin maintains full backing through dollar-equivalent assets including U.S. Treasury bills. These reserves are held using regulated custody solutions to ensure security.
Daily audits verify the backing of mUSD reserves. This auditing process aims to provide transparency compared to other stablecoins that have faced scrutiny over their backing.
Regulatory Compliance and Framework
mUSD operates under the U.S. GENIUS Act, a regulatory framework specifically designed for payment stablecoins. The law requires strict reserve management and regular public disclosures.
MetaMask positioned mUSD as a compliant alternative in the growing stablecoin market. The GENIUS Act compliance helps differentiate it from unregulated alternatives.
The Treasury Department began seeking public comment on GENIUS Act implementation last week. This timing aligns with mUSD’s launch and regulatory positioning.
Cross-Chain Deployment Strategy
The focus on Linea deployment provides users with lower transaction costs while maintaining Ethereum compatibility. Linea is an Ethereum Layer 2 network that reduces fees for users.
MetaMask plans to expand mUSD support to additional blockchain networks in the near future. This multi-chain approach will allow users to move funds between networks more easily.
The token supports various DeFi use cases including swaps, trading, and lending. Liquidity incentives have been introduced to attract providers to decentralized exchanges.
mUSD integrates directly with the MetaMask wallet without requiring external tools. Users can hold, send, and swap the stablecoin across supported networks through their existing wallet interface.
The stablecoin also works with the MetaMask Card for real-world spending. Cardholders can spend mUSD at over 150 million merchants that accept Mastercard, with automatic fiat conversion during transactions.
Full MetaMask Card compatibility is expected by the end of 2025. This feature bridges blockchain assets with traditional payment systems.
The total U.S. dollar-pegged stablecoin market reached $279.8 billion as of Sunday, led by USDT with $172.3 billion in circulation according to The Block’s data dashboard.
