People familiar with the matter say the popular Ethereum wallet will reveal full details of the project later this week.
The new token will be issued through Bridge and its stablecoin protocol M^0, while Blackstone — a heavyweight in traditional finance — will oversee custody and treasury operations. By leveraging these partnerships, MetaMask is aiming to position mUSD alongside major market players like USDT and USDC.
The decision to create mUSD surfaced unexpectedly last week when a governance proposal briefly appeared online before being deleted. With more than 30 million active users each month, MetaMask sees stablecoins as an opportunity to expand its role in the Web3 payment space and capture value from reserve-backed assets.
Bridge, which was acquired by Stripe earlier this year, provides infrastructure for stablecoin-based payments to businesses. Its collaboration with M^0 enables MetaMask to streamline issuance while ensuring regulatory-grade standards for the new asset.
Industry insiders suggest one of MetaMask’s key motivations is the yield generated from stablecoin reserves, typically invested in low-risk, liquid assets such as short-term U.S. Treasuries. With billions already flowing into rival tokens, mUSD could open a new revenue channel while reinforcing MetaMask’s dominance in the Ethereum ecosystem.
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