mUSD, issued by Bridge and tokenized through the M0 protocol, is a U.S. dollar-pegged stablecoin that holds a stable value against the U.S. dollar (USD) and remains redeemable, distributed natively within the self-custodial MetaMask wallet [S1][S2][S3].

Each mUSD tracks the U.S. dollar (USD) at a 1:1 peg and is backed entirely by US cash and short-duration U.S. Treasury bills, with no alternative assets such as gold, Bitcoin, equities, or secured loans [S1][S4]. The token is price-stable and does not accrue yield by default; holders may instead earn separate incentives, including up to 3% mUSD when converting eligible stablecoins and 1% mUSD back on eligible MetaMask Card transactions [S5].

Bridge, a Stripe company, issues mUSD and manages reserves, monitoring, and compliant licensing, while M0 supplies the onchain minting infrastructure [S2][S3]. MetaMask references the U.S. GENIUS Act as the relevant federal framework and notes the cash-and-Treasuries reserve structure falls within its proposed eligible-asset list [S2][S4]. Reserves are held in regulated custody [S3]. Access is gated by regional availability rather than investor qualification: native Transak onramps serve the US only, SEPA transfers serve supported European regions, and stablecoin conversion excludes the United Kingdom [S1][S5]. Tokens are held self-custodially, with holders controlling their own keys [S4].

mUSD is supported on Ethereum Mainnet and Linea, an EVM-equivalent Layer 2, with in-wallet cross-chain bridging [S1][S2][S5]. Tokens are minted via the M0 protocol with Bridge as issuer, acquired by converting eligible stablecoins, swapping tokens, or buying with fiat through Transak and other payment methods [S1][S5]. M0 provides real-time transparency of the 1:1 backing [S2].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://metamask.io/news/introducing-metamask-usd-your-dollar-your-wallet" },
    { id: "S2", url: "https://metamask.io/news/metamask-announces-stablecoin-metamask-usd" },
    { id: "S3", url: "https://metamask.io/news/introducing-metamask-usd-your-dollar-your-wallet" },
    { id: "S4", url: "https://metamask.io/news/how-stablecoin-reserves-work-and-how-to-evaluate-them" },
    { id: "S5", url: "https://support.metamask.io/manage-crypto/tokens/musd/" },
  ]}
/>


Stablecoins

MetaMask Swap aggregates multiple non-custodial exchanges & traders exchange funds directly through their MetaMask wallet.

MetaMask is a non-custodial wallet and DEX aggregator built on Ethereum and other adjacent blockchains. MetaMask was founded by Aaron Davis and launched in 2015.

MetaMask team & investors own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue).

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Metamask USD (mUSD) is a U.S. dollar stablecoin issued by MetaMask.

Custody of the reserves rests with Bridge.

mUSD has been issued on public blockchains since August 2025 and is native to Ethereum, Linea, and Monad.

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