The popular Ethereum (ETH)-focused crypto wallet MetaMask is announcing plans to launch its very own stablecoin.
In a new thread on X, MetaMask announces that, in collaboration with the payments platform Stripe and the stablecoin minter M0, it will launch MetaMask USD (mUSD) sometime later this year, although a specific date was not provided.
[adinserter block="1"]This marks the first time a crypto wallet has rolled out its own dollar-pegged crypto asset.
“Today, we’re announcing MetaMask USD (mUSD) – MetaMask’s native stablecoin. MetaMask is the first self custodial wallet to launch a stablecoin, and we have big plans for it. Built with Bridge, a Stripe company, and M0, a stablecoin platform, MetaMask USD will be a very important part of MetaMask.
MetaMask USD will support on-ramps, swaps, and bridging, offer a dollar-denominated experience for holding, spending, and transacting, and soon be spendable via the MetaMask card at millions of Mastercard merchants.”
According to MetaMask, its proprietary dollar-pegged digital asset will launch over the Ethereum blockchain as well as Linea, a zero-knowledge (ZK) Ethereum layer-2 scaling solution developed by ConsenSys, the same firm that created MetaMask.
“MetaMask USD will launch later this year on Ethereum and LineaBuild, where it is positioned to play a foundational role in the Linea ecosystem.”
MetaMask initially launched in 2016 as a desktop-only browser extension and went on to create its standalone app years later in 2019. It is currently one of the most popular crypto wallets in the world, with 30+ million users.
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