In an impressive market debut, MetaMask’s stablecoin, mUSD, achieved a remarkable feat by reaching a circulating supply of $65 million within just a week of its launch. Released last Monday, mUSD has quickly garnered attention and made its presence felt in the cryptocurrency space.
What are the Key Networks for mUSD?
The latest data from Dune Analytics reveals that the majority of mUSD, approximately 88.2%, has been deployed on the Linea network, while the remaining 11.8% finds its home on Ethereum. This suggests a widespread acceptance of mUSD across various platforms within its initial week.
How mUSD Is Issued and Backed?
Last month, MetaMask revealed that the issuance of mUSD is facilitated through Stripe’s stablecoin platform, Bridge. Built on the decentralized infrastructure of M0, the altcoin is fully backed by high-quality, liquid, dollar-equivalent assets, ensuring reliability and stability for users.
Integrated within the MetaMask ecosystem, mUSD rapidly positioned itself as an accessible stablecoin option directly through users’ wallets, contributing to its swift growth and appeal in the market.
CoinMarketCap’s latest reports indicate that the cumulative stablecoin supply has soared to $279.8 billion, with Tether (USDT) accounting for a substantial $172.3 billion of that pool. The addition of mUSD within this dynamic illustrates a significant boost in the market landscape.
MetaMask highlighted, “The launch of mUSD not only enriches our ecosystem but also demonstrates the trust and value our technology brings.”
In the U.S., the GENIUS Act established new guidelines for the stablecoin sector in July. Additionally, the U.S. Treasury has started reaching out for public feedback on these regulations. Concurrently, Asia’s Kaia and LINE NEXT announced a forthcoming stablecoin super app for the LINE Dapp Portal by year-end, indicating growing global competition.
- The mUSD circulation reached $65 million within one week.
- 88.2% of mUSD supply is on Linea; 11.8% on Ethereum.
- Tether takes up $172.3 billion of the $279.8 billion stablecoin market cap.
- Developments are underway globally, including a new super app by Kaia and LINE NEXT.
MetaMask’s foray into the stablecoin market with mUSD reflects aggressive growth strategies and the increasing need for robust financial instruments in the crypto industry. As new regulations shape the market, competition is expected to drive innovation and adoption globally.
