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By Ian Allison|Edited by Nikhilesh De, Aoyon Ashraf
Aug 13, 2025, 6:07 p.m.
- MetaMask is working to issue a USD-pegged token with the help of Bridge, the stablecoin for payments facilitator acquired by fintech giant Stripe earlier this year.
- MetaMask has also enlisted the help of alternative asset manager Blackstone to assist with custody and treasury management services for mUSD, according to a source.
MetaMask, the cryptocurrency wallet that grew to popularity within the Ethereum blockchain ecosystem, is likely to unveil details of its own custom U.S. dollar-pegged stablecoin shortly, potentially as soon as this week, according to a person familiar with the matter.
The MetaMask stablecoin (mUSD) was already reported to be in the works thanks to a prematurely posted governance proposal that was quickly deleted last week. After this week’s potential announcement, the new dollar-pegged token will become a live asset at the end of this month, the person said.
STORY CONTINUES BELOW
MetaMask, which has said it has over 30 million active monthly users, is working to issue its stablecoin with the help of Bridge, a firm that was acquired by fintech giant Stripe earlier this year that helps businesses integrate stablecoin payment rails, and stablecoin issuance protocol M^0.
As well as working closely with Bridge on the mUSD stablecoin, MetaMask has also enlisted the help of traditional finance alternative asset manager Blackstone to assist with custody and treasury management services for the token, the person said.
MetaMask and M^0 declined to comment. Blackstone and Bridge did not immediately respond to requests for comment.
Like several other large crypto platforms that hold significant amounts of user funds in the form of major stablecoins like Tether’s USDT and Circle’s USDC, MetaMask’s prerogative to launch a branded stablecoin is driven by the opportunity to share in the yield of underlying stablecoin assets, usually short-term, highly liquid bonds such as U.S. Treasuries.
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
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By Oliver Knight|Edited by Nikhilesh De
3 hours ago
Ethereum-based decentralized exchanges have overtaken Solana in trading volume for the first time since April, buoyed by record spot ETF inflows and a surge in institutional demand.
What to know:
- Ethereum-based decentralized exchanges have overtaken Solana in trading volume for the first time since April, with $24.5 billlion traded in the past 48 hours versus Solana’s $10 billion, driven by institutional interest in ether and spot ETF inflows.
- The shift marks a reversal from earlier this year’s memecoin-driven Solana dominance, with Solana’s volumes falling sharply after the TRUMP memecoin crash eroded investor confidence.
- Uniswap leads Ethereum DEX activity at $8.6 billion in 24 hours, and Ethereum staking tokens like Lido’s LDO have surged — up 65% this week — following favorable SEC guidance.
