Proposal Hints at MetaMask’s Plans to Launch mmUSD Stablecoin with Stripe

MetaMask, the leading cryptocurrency wallet, is planning to enter the stablecoin market through a strategic partnership with payment processing giant Stripe, according to governance proposals circulating on X as of August 6. The proposed digital asset, named MetaMask USD (mmUSD), would be issued using Stripe's payment infrastructure and built on the M^0 network, a decentralized issuance and settlement protocol.

The proposal outlines that mmUSD would not only function as a transactional and settlement layer within MetaMask, but also integrate with DeFi protocols such as Aave to enable lending, borrowing, and yield opportunities. Such integrations could position mmUSD as a deeply embedded utility asset across major decentralized applications, creating a flywheel effect for MetaMask's own user base and DeFi as a whole.

It is important to note that, according to the governance proposal, Stripe would act as the issuer of mmUSD, bringing regulatory oversight and fiat-backed credibility to the asset. The M^0 network serves as the underlying infrastructure, described as a "universal stablecoin platform" that enables qualified entities to become eligible to hold reserves and mint stablecoins.

mmUSD: A Cornerstone for MetaMask’s Ecosystem

As of August 6, the global stablecoin market has reached $257.8 billion, with USDT maintaining a dominant market share of 62.8%, according to RWA.xyz website. The stablecoin is reportedly being positioned as a cornerstone asset for the MetaMask ecosystem, providing a highly liquid base currency natively integrated across MetaMask services.

The move to introduce mmUSD reflects a broader shift in MetaMask’s roadmap. Instead of serving purely as a gateway to Web3, MetaMask appears to be evolving into a fully integrated financial platform. By launching its own stablecoin, MetaMask could reduce reliance on third-party issuers such as USDC and USDT, while capturing more of the value flow within its ecosystem. This vertical integration would allow MetaMask to build proprietary financial rails, improve transaction efficiency, and establish greater control over liquidity, fees, and user experience across its wallet, swaps, and staking modules.

Proposal Sparks Interest, Awaiting Clarity from MetaMask and Stripe

The proposal has sparked significant attention in the crypto community, as it aligns with a broader trend of Web3 applications creating proprietary financial rails to lock in users and expand beyond wallet functionality. If realized, mmUSD could play a foundational role in MetaMask's transition from a Web3 gateway to a fully integrated financial stack.

While the proposal is detailed, neither MetaMask nor Stripe has officially confirmed the development, and specific details about the stablecoin's structure, launch timeline, or regulatory considerations remain limited.