What is MetaMask USD (mUSD)?

MetaMask USD, or mUSD, is a dollar stablecoin made for the MetaMask wallet. MetaMask announced it in August 2025 and described it as the first stablecoin launched by a self-custodial wallet. It is designed to stay worth one US dollar and is the main token behind MetaMask's card and money features.

Who issues MetaMask USD?

MetaMask does not issue mUSD itself. According to MetaMask's announcement, the issuer is Bridge, a stablecoin company that Stripe acquired in February 2025. Bridge handles licensing, monitoring and management of the reserves.

The tokens are created on the M0 protocol, a shared system for minting stablecoins. M0 says its network is meant to let mUSD move across different blockchains. MetaMask itself is developed by Consensys.

This setup is similar to PayPal USD, which carries PayPal's brand but is issued by a separate regulated company. Holders depend on the issuer and its reserves, not on the wallet maker.

How is mUSD backed?

MetaMask's launch post from September 2025 says each mUSD in circulation is backed one for one by short-term US Treasury bills. The original announcement described the backing as high-quality, highly liquid dollar-equivalent assets with real-time transparency.

MetaMask's help center does not list the reserve breakdown, auditors or custodians, and it does not describe a direct process for redeeming mUSD for dollars. Most users get in and out by swapping it for other tokens or through payment providers. The announcement linked the launch to the US GENIUS Act, the federal framework for payment stablecoins, whose detailed rules are still being written as of October 2026.

What can you do with mUSD?

mUSD launched on Ethereum and Linea, a layer 2 network started by Consensys. MetaMask's help center lists these uses as of October 2026:

• Buying it with cash in the MetaMask app through partner providers.
• Swapping other tokens into it.
• Spending it with the MetaMask Card, where mUSD is the official token.
• Lending it through Aave on Ethereum, Linea and Monad.

Moving mUSD on a blockchain still requires that network's native coin for fees unless the wallet covers it, as explained in our guide to insufficient funds for gas.

Does mUSD pay rewards?

MetaMask runs promotions around the token, with conditions attached. Its bonus terms describe a bonus of up to 3% a year, accruing daily, for users who convert other stablecoins such as USDC or USDT into mUSD. MetaMask says the rate can vary with reserve income, can be changed or withdrawn at any time, and is not available in the United Kingdom or in every region. Its help center also mentions card cashback paid in mUSD and a daily rate in its Money Account for eligible users.

These promotions are set out in MetaMask's own terms and can change. Our guide to how stablecoin issuers make money explains why the line between issuer and distributor matters.