MetaMask Eyes Stablecoin Launch in Partnership with Stripe

MetaMask may soon enter the stablecoin arena through a new proposal involving payments giant Stripe. The renowned crypto custody solution is exploring the launch of a new stablecoin called MetaMask USD (mmUSD) in collaboration with Stripe, according to a recently published governance proposal. The proposed token would be pegged to the US dollar and integrated directly into MetaMask’s suite of decentralized tools. The idea is to introduce a stable medium of exchange within decentralized applications. In turn, this helps users avoid the volatility typically associated with altcoin transactions. Notably, the proposal also highlights plans to leverage Stripe’s financial infrastructure. This will facilitate easier and more reliable transfer of funds between traditional banking systems and blockchain-based platforms. At the time of reporting, neither MetaMask nor Stripe has officially confirmed the project. However, the documentation suggests a strategic move to reduce friction in crypto payments and expand MetaMask’s role in the evolving Web3 ecosystem.

mmUSD to Anchor the MetaMask Ecosystem According to the proposal, mmUSD would serve as a native currency within MetaMask’s product suite. The stablecoin would be highly liquid and integrate directly across MetaMask’s tools. It would also use the M^0 network for off-chain issuance and settlement, optimizing speed and scalability. This move positions mmUSD as a central pillar in MetaMask’s broader plan to deepen liquidity and drive organic adoption across DeFi markets. Stablecoins: A Growing Force in Crypto The MetaMask proposal comes amid the rapid growth of stablecoins, now valued at over $250 billion globally. In 2020, that number was in the single-digit billions. Today, around 20 million addresses use stablecoins across public blockchains. Federal Reserve Governor Christopher Waller recently acknowledged that 99% of stablecoins are pegged to the US dollar. This trend shows that crypto may extend the dollar’s reach, rather than replace it. Former U.S. Comptroller of the Currency Brian Brooks echoed this view. He argued that stablecoins can help keep the US dollar as the world’s reserve currency by making it more available across borders. MetaMask Card Lays the Groundwork for DeFi Payments The proposal follows MetaMask’s launch of its crypto payment card, developed in partnership with Baanx and Mastercard. The card enables users to spend crypto without extra steps, top-ups, or bank involvement while preserving the self-custody principle central to Web3. Baanx executive Simon Jones described this shift as the rise of “non-custodial neobanking”, a model that empowers users to pay directly from their wallets without relinquishing control to traditional banks. He emphasized that these innovations are foundational to driving mass adoption of stablecoins and making crypto more usable in everyday payments.