Major cryptocurrency wallet MetaMask is teaming up with U.S. payment company Stripe to potentially launch its own stablecoin as early as this week. There are expectations that MetaMask, which has 100 million users worldwide, could become a new powerhouse in the stablecoin market if it uses its own stablecoin for cryptocurrency buying, selling, exchange, and transfer within its app. The already disclosed Mastercard partnership payment card and potential integration into stablecoin interest services are raising expectations.
On the 14th, cryptocurrency specialized media Decrypt reported, citing an anonymous source, that MetaMask's stablecoin 'mmUSD' will be launched as early as the 14th U.S. local time. According to a recently leaked and then deleted proposal from the DeFi platform Aave Governance, mmUSD is set to be used as a core asset in the MetaMask ecosystem. The proposal stated that "mmUSD will deepen stablecoin liquidity across DeFi protocols".
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MetaMask is a representative cryptocurrency wallet with over 100 million users worldwide. In addition to basic wallet functions like storing and sending cryptocurrencies and Non-Fungible Tokens (NFTs), it provides comprehensive cryptocurrency-related features such as buying, exchanging (swapping), and network bridging.
There are suggestions that mmUSD could be introduced to the recently launched 'MetaMask Card' and stablecoin interest service. The MetaMask Card, launched in partnership with Mastercard, allows users to directly use cryptocurrencies in their MetaMask wallet for payments. The stablecoin interest service 'Stablecoin Earn', added to the app last month, enables users to deposit stablecoins in the Aave DeFi protocol to earn returns. Deposits and withdrawals can be done with a single click within the app, and no MetaMask fees are charged.
The industry believes that mmUSD could satisfy both the core demands of stablecoins: real-life payments and DeFi utilization. Supported by the U.S. Genius Law passed last month, the stablecoin market is growing rapidly, with a market capitalization of over $280 billion (approximately 387.492 trillion won) according to CoinMarketCap. Standard Chartered Bank in the UK predicts that the stablecoin market size will reach $750 billion (approximately 1,037.925 trillion won) by the end of 2026.
- Reporter Kim Jung-woo
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