MetaMask’s new wallet-native stablecoin, MetaMask USD (mUSD), has cleared a major early milestone: its circulating supply has climbed above $65 million, less than a week after launch. Real-time figures on MetaMask’s official site show ~65.5M mUSD in circulation at a $1 peg, implying a market cap just over $65M at press time.
What is mUSD and when did it launch?
MetaMask announced mUSD in late August and formally introduced it to users on September 16, 2025. The company describes mUSD as a wallet-native stablecoin designed for seamless buying, swapping, holding, and spending directly inside the MetaMask app. According to MetaMask’s launch post, mUSD is backed 1:1 by short-term U.S. Treasury bills, created in partnership with Bridge and powered by the M0 protocol. It initially supports Ethereum Mainnet and Linea, Consensys’ EVM-equivalent Layer 2 network.
MetaMask’s earlier announcement also framed mUSD as a building block for its broader payments stack, with integration across on-ramps, swaps/bridging, and planned MetaMask Card support—part of a push to make stablecoin spending more mainstream within the wallet.
By the numbers: supply and network distribution
The headline number is the > $65M circulating supply, visible on MetaMask’s live market page for mUSD. That same page lists a $1.00 price, ~65.5M circulating tokens, and ~$65M market cap, confirming the jump since launch.
Where is mUSD actually circulating? Independent analytics referenced by The Block indicate the majority of supply sits on Linea (≈88.2%), with the remainder on Ethereum—consistent with MetaMask’s goal of making mUSD foundational to the Linea DeFi ecosystem.
For users who want on-chain verification, the official mUSD token contract is published on Etherscan, and a corresponding listing is visible on LineaScan—useful for checking holders, transfers, and mint/burn activity as the supply evolves.
Why did supply grow so quickly?
Three factors appear to be driving early demand:
- Wallet-native distribution. mUSD sits inside MetaMask’s core flows—Buy, Swaps, and soon Card—lowering friction relative to third-party stablecoins. When acquisition and usage happen in-wallet, onboarding and circulation can scale faster.
- Linea incentives and integrations. MetaMask and Linea have signaled that mUSD will play a “foundational” role in Linea DeFi. That positioning, plus liquidity and rewards around Linea protocols, helps explain why most supply currently resides on Linea.
- Clear backing model. MetaMask’s documentation emphasizes 1:1 backing with short-duration U.S. Treasuries via the Bridge + M0 issuance stack, an arrangement designed to provide conservative reserves and predictable redemption while keeping the UX inside MetaMask.
How mUSD fits into the stablecoin landscape
With mUSD, MetaMask joins a crowded (and systemically important) stablecoin market dominated by USDT and USDC. The differentiator isn’t the peg—it’s distribution and UX. MetaMask controls the wallet experience for millions of users; by embedding a dollar token at the wallet layer, it can streamline fiat on-ramps, swaps, and everyday spending without forcing users to hunt for external rails. That strategy is also consistent with reporting that highlighted the Ethereum + Linea rollout and the wallet-centric design when the project was first announced publicly in August.
Security and transparency
As with any new stablecoin, two questions matter long-term: reserve transparency and on-chain clarity. For the former, MetaMask’s official pages describe the reserve model (short-term Treasuries via Bridge/M0). For the latter, users can monitor Etherscan/LineaScan token activity and circulating supply data on MetaMask’s own market page. These sources provide an independently checkable view of minting, burning, and movement across chains.
What’s next for mUSD
Coverage from mainstream crypto outlets during the August announcement window suggested the rollout would focus on Ethereum and Linea first, with the token integrated across MetaMask’s product surface area over time. As integrations deepen (and Card support goes live), watch for merchant-side usage and DeFi liquidity to determine whether mUSD’s early growth sustains beyond initial on-ramping and incentives.