MetaMask is making some major moves in the stablecoin game. A slipped governance post revealed that MetaMask is launching mmUSD, a dollar-pegged stablecoin, in collaboration with fintech giant Stripe. Talk about a partnership that’s bound to make waves!
So, what’s the deal? The mmUSD stablecoin is set to become the go-to trading pair for all things MetaMask, integrating smoothly across its wallet, swap, buy/sell, and earn features. Sounds like a match made in crypto heaven, right? It’s all backed by the M^0 platform too, so you know it’s serious business.
This juicy little tidbit first leaked Tuesday evening when a governance proposal for lending giant Aave mentioned integrating mmUSD into their ecosystem. Of course, the post was quickly pulled, as it was apparently “too soon” to spill the beans. But guess what? The proposal was legit, confirmed Marc Zeller, the founder of Aave’s DAO service provider.
A Yielding Partnership
This announcement comes just after MetaMask and Aave announced a new partnership last week. Now, crypto wallet users can earn yield from Aave’s stablecoin lending pools directly in the MetaMask mobile app. Nice touch, MetaMask. It’s like getting paid for just holding your assets in your wallet.
Of course, the companies involved are playing it cool. A spokesperson for M^0 declined to comment, Stripe didn’t respond, and a Consensys (MetaMask’s parent company) spokesperson told that they don’t comment on speculation. Yeah, sure, we get it, it’s all hush-hush for now.
Stablecoins
Let’s be real, stablecoins are having a moment. These digital currencies, pegged to real-world assets like the dollar or euro, are taking off this year. In July, the U.S. passed landmark legislation that dictates how companies can issue stablecoins, and investors are all in. Case in point: the public listing of Circle (the second-largest stablecoin issuer), whose stock shot up 186% overnight.
Even fintech giants are getting in on the action. PayPal’s got its own $962 million stablecoin, and Robinhood’s been teasing a dollar-pegged stablecoin for a while. Not to be left behind, Stripe dropped $1 billion on the stablecoin project Bridge in 2024. Talk about a major play.
And the rumblings don’t stop there; neobanks like Revolut are reportedly working on their own stablecoins, and they’ve even partnered with MetaMask. Looks like stablecoins are here to stay, and their market is expected to hit $2.5 trillion or more in the next few years. If that doesn’t get your attention, I don’t know what will.
Stablecoins are currently worth over $268 billion, and analysts predict this figure will soar. Citigroup even forecasts the market could reach $3.7 trillion by 2028. Looks like the stablecoin revolution is just getting started, and MetaMask is diving in headfirst.
Anastasiia G
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