MetaMask Poised to Shake the Crypto World with Launch of Its Own Stablecoin, mmUSD, This Week

MetaMask Poised to Shake the Crypto World with Launch of Its Own Stablecoin, mmUSD, This Week

A major move may be coming from MetaMask: according to an insider familiar with the matter, the crypto wallet giant is expected to unveil its own US dollar-pegged stablecoin, MetaMask Stablecoin (mmUSD), as early as August 14.

The new digital currency is reportedly being developed in collaboration with payment processor Stripe and stablecoin infrastructure provider M0. Unlike many generic stablecoins, mmUSD is set to be deeply integrated into MetaMask’s ecosystem, enabling users to purchase other supported cryptocurrencies directly with mmUSD inside the wallet.

Naturally, mmUSD is expected to be launched on the Ethereum blockchain — MetaMask’s native network.

Rumors of the upcoming launch began swirling last week after a proposal to integrate MetaMask's stablecoin briefly appeared on the Aave lending protocol. The proposal was quickly removed, with Aave DAO’s Marc Zeller stating it had been submitted prematurely.

Industry analysts suggest MetaMask is aiming to monetize mmUSD through transaction fees. Given the rising popularity and growing market cap of dollar-backed stablecoins, launching its own could become a significant revenue stream for the platform.