Little Fox Wallet MetaMask reported this morning that it may be evaluating a joint issuance of a new stablecoin MetaMask USD (mmUSD) with payment giant Stripe, with the source being a screenshot posted by the X account Aggr News. Although MetaMask and Stripe have not yet officially confirmed the plan, it has attracted community attention, and more details about mmUSD are beginning to emerge.
Collaboration Framework between MetaMask and Stripe?
According to news reports, mmUSD will be issued by Stripe, with MetaMask integrating the currency function into its wallet with over 30 million active users.
For MetaMask, Stripe's extensive payment network and compliance capabilities can provide fiat deposit, withdrawal, and audit services, allowing wallet users to switch between DeFi liquidity pools, exchanges, and yield functions without bearing exchange rate fluctuations or high transaction fees. This move also allows Stripe to directly enter the stablecoin market, which is worth approximately $260 billion, competing with existing players like USDC and Dai.
Chain-off Settlement Brought by M^0 Network
There are also online reports suggesting that mmUSD might adopt the "M^0" chain-off settlement framework, emphasizing "non-chain minting and redemption", where transactions are first paired and cleared off-chain, with the final result uploaded to the blockchain. This design can reduce chain congestion and make transaction fees and confirmation times closer to traditional card organization experiences.
The M^0 framework also reserves modules for freezing, anti-money laundering, and KYC, making it convenient to directly handle fiat reserves through regulated institutions and leaving flexibility for potentially stricter future regulatory environments.
Although it cannot be confirmed whether mmUSD will actually be launched, Stripe's global licenses and payment infrastructure can provide KYC, AML, and audit services required by future regulations, reducing MetaMask's costs of applying for licenses and operating in different regions. mmUSD is expected to bring a new collaboration framework to the currently competitive stablecoin market.
