MetaMask Debuts Stablecoin in Partnership With Stripe’s Bridge
Cryptocurrency wallet provider MetaMask is launching its own stablecoin.
MetaMask USD, or mUSD, is being rolled out in conjunction with Stripe-owned stablecoin issuance platform Bridge, Stripe’s stablecoin division, and M0, a decentralized stablecoin infrastructure and liquidity platform, according to a Thursday (Aug. 21) press release.
“Issuing a custom stablecoin used to take more than a year of complex integrations,” Bridge co-founder and CEO Zach Abrams said in the release. “With our issuance technology, we’ve reduced that timeline to a matter of weeks, which means platforms like MetaMask can realize benefits more rapidly and efficiently than ever before.”
MetaMask USD will be integrated into MetaMask’s wallet, letting users hold, spend and transact stablecoins in Web3, with the M0 liquidity network allowing for composable cross-chain use, the release said.
“We want to empower the builders of great crypto products to truly control the digital dollar stack they utilize in order to deliver the best end-user experience,” M0 co-founder and CEO Luca Prosperi said in the release. “The current incarnation of stablecoin technology isn’t fit for that purpose. Products such as MetaMask benefit from being able to customize the stablecoin technology, from having choice over their issuance options, and from optimizing for interoperability and liquidity.”
The launch puts MetaMask in the company of several other firms launching their own stablecoins as the digital currency grows more popular in the United States, especially in the wake of new legislation governing its use.
These digital tokens, pegged to national currencies like the U.S. dollar, have evolved rapidly since their early use in crypto trading. They now command a sizable global market and have become, in some regions, crucial to cross-border remittances and B2B payments. However, domestic retail adoption has been limited, especially when it comes to retail use cases.
“The crypto market cap is $3 trillion, and the stablecoin market cap is $250 billion, meaning it’s less than 10%,” Mesh CEO and co-founder Bam Azizi told PYMNTS earlier this summer. “If you want to build a payments network, you need to solve the divide so shoppers can walk in and pay with their assets, while merchants receive the payment as stablecoin.”
This week, PYMNTS examined the compliance question surrounding stablecoins, which are challenged to balance privacy, compliance and speed.
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