TLDR:
- MetaMask, with over 30 million users, plans to launch MetaMask USD (mmUSD), a stablecoin issued by Stripe on the M^0 network, integrated into MetaMask’s ecosystem for DeFi applications like Aave v3 pools.
The largest Web3 wallet with over 30 million monthly active users, MetaMask, will disrupt the $250 billion stablecoin market with the upcoming MetaMask USD (mmUSD) stablecoin, powered by Stripe, the largest private payments firm globally, running on the M^0 network. A governance suggestion announced on August 5th, 2025, announced mmUSD being a foundation asset in the ecosystem at MetaMask with smooth integration with features like Wallet, Swap, Buy/Sell, and Earn with a focus on DeFi liquidity pools on Aave v3 on Ethereum and Linea. Through Stripe’s high-powered infrastructure, with regulatory compliance with the massive user base at MetaMask for user adoption, comes mmUSD with a high-liquidity, user-centric solution set to disrupt existing stablecoins like USDC ($63 billion market capitalization) and DAI.
The mmUSD story is about connecting traditional finance with decentralized spaces. Contrary to conventional stablecoins over centralized rails, mmUSD will use Stripe’s worldwide wire network along with the M^0 network for off-chain settlement and issuance and redemption on-chain, with the promise of tech effectiveness along with regulatory certainty. Its hybrid structure maximizes fiat-to-crypto conversion efficiency, minimizes payout expense, and provides a more convenient channel for the 30 million-strong user base of MetaMask for incorporating mmUSD used like a default stable asset without going external. It comes in the wake of a recent launch of an over-the-counter self-custodial Metal Card with Baanx and Mastercard for spending from previously held cryptocurrency without intermediaries for completing a broader META SDK playbook for integrating blockchain with traditional finance systems, says Baanx’s Simon Jones.
The stablecoin market, now exceeding $250 billion—up from single-digit billions in 2020—has become crypto’s killer app, with over 20 million addresses transacting daily. Federal Reserve Governor Christopher Waller has acknowledged that 99% of the stablecoin market cap is dollar-pegged, extending the USD’s global reach. Former Acting Comptroller of the Currency Brian Brooks emphasized, “Stablecoins can keep the dollar the world’s reserve currency by making it more accessible worldwide.” mmUSD’s potential to leverage MetaMask’s distribution power and Stripe’s compliance expertise positions it to capture significant market share, especially in DeFi applications like lending and borrowing. However, regulatory uncertainties and competition from established players remain challenges, with no official confirmation from MetaMask or Stripe on mmUSD’s launch timeline or structure.
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