MetaMask’s New Stablecoin mUSD Reaches $65 Million in Circulation. Most Tokens Deployed on Linea, Rest on Ethereum.

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MetaMask mUSD Reaches $65 Million in Circulation in First Week

MetaMask announced that its new stablecoin mUSD, which launched last Monday, has already reached $65 million in circulation. A week ago, this figure was $15 million, according to official data.

Seoul Data Labs’ Dune Analytics shows that the majority of tokens (88.2%) are deployed on the Linea network, with another 11.8% deployed on Ethereum.

How mUSD Works

The stablecoin is issued via the Stripe Bridge platform and the M0 decentralized infrastructure framework. MetaMask emphasizes that mUSD is backed 1:1 by highly liquid assets equivalent to the US dollar.

Stablecoins in the spotlight

The total volume of dollar-pegged stablecoins has reached $279.8 billion, with Tether (USDT) accounting for $172.3 billion, according to The Block.

Companies are moving more actively towards stablecoins following the passage of the GENIUS Act in the US. Last week, the US Treasury Department opened a public consultation on its implementation, and blockchain Kaia and LINE NEXT announced plans to launch a “stablecoin super app” this year.