MetaMask Plans USD Stablecoin Launch with Stripe Partnership, Governance Proposal Reveals
Main Idea
MetaMask plans to launch a USD stablecoin (mmUSD) in partnership with Stripe, leveraging its 30M user base to challenge USDC dominance, while the stablecoin market expands rapidly following the GENIUS Act.
Key Points
1. MetaMask proposes launching mmUSD on the M⁰ network for decentralized regulatory clarity and trusted fiat backing, integrating with DeFi protocols like Aave.
2. The stablecoin market has grown to over $250B, with projections of reaching $1-2T, driven by the GENIUS Act which established a federal regulatory framework.
3. Companies like Western Union, Interactive Brokers, and Remitly are exploring stablecoin integration to modernize cross-border payments.
4. MetaMask’s mmUSD aims to function as a base currency within its ecosystem, potentially increasing its market share in the competitive stablecoin space.
5. The GENIUS Act bans interest payments from stablecoin issuers, but companies like Coinbase and PayPal continue offering yield programs through technical loopholes.
Description
A governance proposal circulating within MetaMask’s community reveals plans to launch “MetaMask USD” (mmUSD) through a partnership with Stripe’s payment infrastructure, potentially creating a direct competitor to established stablecoins like USDC and USDT. The proposal outlines building mmUSD on the M⁰ network for decentralized issuance and settlement, with Stripe serving as the issuing partner to provide regulatory clarity and trusted fiat backing. Source: Aggr News MetaMask Leverages 30M User ...
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