MetaMask’s mUSD Stablecoin Skyrockets: Surpasses $65 Million Just One Week After Launch

Explosive Start for the New Dollar-Backed Token The new mUSD stablecoin, introduced by the well-known crypto wallet MetaMask, has experienced explosive growth. Just one week after its official launch, its circulating supply surged to $65 million — more than four times the roughly $15 million recorded in its first days. The stablecoin is pegged 1:1 to the U.S. dollar and backed by “high-quality, highly liquid dollar-equivalent assets,” ensuring its stability and reliability. According to MetaMask’s official data, the token went live last Monday and has been quickly gaining traction among users ever since.

Linea Leads, Ethereum Holds a Minority Share An analysis by Seoul Data Labs, based on Dune data, revealed that the vast majority of the circulating supply is deployed on the Linea network (88.2%), while Ethereum currently accounts for just 11.8%. MetaMask explained that mUSD is issued through the Bridge platform by Stripe and minted using the decentralized M0 infrastructure.

Stablecoins Under Regulatory Scrutiny According to data from The Block, the total supply of U.S. dollar-pegged stablecoins reached $279.8 billion on Sunday, with USDT remaining the market leader at more than $172.3 billion in circulation. Stablecoins have become an increasingly important focus of the crypto industry, particularly since July, when the GENIUS Act was passed in the United States, establishing a legal framework for their regulation and oversight. Last week, the U.S. Treasury began collecting public feedback on how the law should be implemented — a step that could reshape the sector.

A New Era of Stablecoin Adoption Other players are also entering the field. Kaia, a layer-1 blockchain, and LINE NEXT announced plans to launch a stablecoin super-app, set to be integrated into the LINE Dapp portal before the end of this year. This development underscores a growing trend: stablecoins are becoming a cornerstone not only of crypto trading but also of the wider digital economy. MetaMask’s mUSD has arrived at the right moment — in an environment where demand for stable, regulated digital assets is rapidly accelerating.

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