MetaMask’s newly launched stablecoin mUSD has exceeded $65 million in circulating supply just one week after its September 15 release, while trading nearly at its $1 peg as interest builds for MetaMask’s upcoming MASK governance token.
Key Takeaways
- As of 7:30AM UTC, Sept. 22, 2025, mUSD has a circulating supply of ~65.5 million tokens, with a market capitalization of about $65.7 million, showing rapid adoption.
- The price remains tightly anchored close to $1.00, with minor variation (~‐0.3% to +0.3%) across different timeframes, indicating a stable peg.
- The launch of mUSD complements MetaMask’s roadmap, which includes the forthcoming MASK token for governance.
Last week, Sept. 15, MetaMask introduced mUSD (MetaMask USD), a dollar-pegged stablecoin built via a partnership with Bridge (a Stripe-company) and powered by decentralized stablecoin infrastructure M0. It launched on Ethereum Mainnet and the Linea Layer-2 network, and is designed to integrate into MetaMask wallet functions like swaps, bridging, on-ramps, and in future via MetaMask Card for spending.
Just one week after launch, The Block was first to break the story in their latest report that mUSD has reached around 65.55 million tokens in circulation, equating to a market cap near $65.3M–$65.7M.
mUSD's circulating supply now stands at $65.55M, matching its market cap of $65.72M. Source: MetaMask
mUSD Shows Strong Peg Stability
As of this writing (7:30AM UTC), mUSD’s peg is holding firm, trading at approximately $1.00, with minor fluctuations ranging between −0.30% and +0.30%, according to MetaMask’s real-time data.
Meanwhile, daily trading volume sits at approximately $63M–$64M, reflecting substantial activity for a newly issued stablecoin. The supply of ~65.5 million mUSD brings its market capitalization nearly in line with its circulating supply, and liquidity levels suggest market confidence in its peg.
MetaMask Leadership Highlights Roadmap
On its official website’s news page, where it introduced its new stablecoin, MetaMask emphasized mUSD’s role in broadening its financial toolkit:
mUSD integrates seamlessly into MetaMask… allowing users to easily buy crypto with fiat, swap or trade directly within your wallet, participate in DeFi protocols, and even spend crypto in real life via MetaMask Card.
Meanwhile, posts on X (formerly Twitter) about an interview with Consensys founder and MetaMask CEO Joe Lubin is spreading across the platform, where he confirmed that the long-anticipated MASK governance token could arrive sooner than expected, aligning with the project’s push toward decentralization and expanded financial use cases.
Market Response Signals Early Success
The reaction to mUSD has been swift, with steady supply growth and maintained pricing reinforcing its credibility in the stablecoin sector. While still dwarfed by established players like USDT and USDC, mUSD benefits from its direct integration with MetaMask, which is one of the most known crypto wallets in the industry.
Early liquidity and adoption trends show promise, and traders appear to view the coin as a reliable USD-pegged instrument for DeFi and day-to-day crypto investment activities.
Outlook: MetaMask’s Expanding Ecosystem
Looking ahead, attention will turn to the integration of mUSD across external DeFi protocols, liquidity pools, and payments infrastructure, as well as the most awaited release of the MASK governance token.
Continued transparency around reserves and peg mechanisms will be critical as adoption scales. If the stablecoin maintains its early trajectory, MetaMask is set to emerge not just as a leading wallet but also as a deeper financial hub within the crypto ecosystem.
Summary
MetaMask’s stablecoin mUSD has quickly surpassed $65M supply just one week after launch, holding a stable peg and strong adoption levels. With trading volumes exceeding $63M daily, its integration into MetaMask’s wallet ecosystem signals strong traction. The upcoming MASK governance token could further accelerate decentralization and ecosystem growth.
