MetaMask’s mUSD stablecoin tops $65 million supply a week after launch
Crypto wallet MetaMask's new mUSD stablecoin has reached a circulating supply of 65 million ($65 million), about a week after it went live.The mUSD stablecoin, which officially launched last Monday, saw its circulating supply rise to $65 million early Monday morning, up from around $15 million a week earlier, according to its website.According to Dune analytics data compiled by Seoul Data Labs, most of the mUSD supply was deployed on Linea (88.2%), with the remainder on Ethereum (11.8%) as of Saturday.MetaMask revealed last month that mUSD is issued through Bridge, Stripe's stablecoin platform, and minted using M0's decentralized infrastructure. The stablecoin is backed 1:1 by "high-quality, highly liquid dollar-equivalent assets," the company said.As of Sunday, the total supply of U.S. dollar-pegged stablecoins climbed to $279.8 billion, led by USDT with $172.3 billion in circulation, according to The Block's data dashboard.Stablecoins have emerged as a key focus for many crypto firms following the passage of the U.S. GENIUS Act in July. Last week, the U.S. Treasury Department said it began seeking public comment on its implementation of the GENUS Act. Layer 1 blockchain Kaia and LINE NEXT also announced today that they plan to launch a stablecoin superapp set to debut on LINE's Dapp Portal later this year.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.