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/" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

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).

github

twitter

website

Wallet providers

MetaMask

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.

Metamask USDmUSD