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- mUSD circulating supply surged from $15M to $65M in one week.
- 88% of activity occurs on Linea, with strong trading volume on Ethereum.
- Fully backed by liquid dollar assets, offering yield and seamless user experience.
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MetaMask’s newly launched USD-pegged stablecoin, mUSD, is off to a blazing start. Within just one week of its debut, the circulating supply of mUSD skyrocketed from $15 million to over $65 million, representing a growth of more than 300%. This rapid expansion highlights growing interest in MetaMask’s latest product and signals a strong start for the platform’s foray into stablecoins.
Most mUSD Activity Concentrated on Linea Network
Data from Dune Analytics, compiled by Seoul Data Labs, shows that 88.2% of mUSD’s circulating supply is deployed on the Linea network, with the remaining 11.8% on Ethereum. The token’s 24-hour trading volume has also surged 22.41%, currently reaching $286,120. These numbers indicate strong user engagement and suggest that traders are actively exploring the benefits of a MetaMask-backed stablecoin.
Strategic Launch and High-Yield Backing
MetaMask launched mUSD following a strategic partnership with Bridge and MO. The stablecoin is fully backed 1:1 by highly liquid, dollar-equivalent assets such as US cash and short-duration Treasuries. According to Ajay Mittal, MetaMask’s VP of Product Strategy, these assets generate yield, while the platform prioritizes seamless integrations and lower transaction costs for users. This approach aims to keep funds within Ethereum’s ecosystem, reducing the need for users to move assets across competing networks.
Also Read: MetaMask Eyes MASK Token Launch as Growth Accelerates
Global Deployment Expands Access
Since its launch on September 15, mUSD has been accessible through MetaMask cards at over 150 million merchant locations worldwide. This wide deployment strengthens its position as a practical stablecoin option for both everyday payments and crypto-based trading, potentially positioning mUSD as a future competitor to established stablecoins like USDC and USDT.
MetaMask’s mUSD has quickly gained traction, demonstrating impressive adoption metrics and active trading interest. If momentum continues, the stablecoin could become a significant player in the rapidly evolving stablecoin ecosystem, offering users both convenience and yield within the Ethereum network.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
