MetaMask Develops Stablecoin Anchored to mmUSD with Bridge and Blackstone

Enhancing User Experience at MetaMask

MetaMask is one of the most popular decentralized cryptocurrency wallets on Ethereum. It is owned by Consensys and has over 30 million monthly active users. MetaMask is evolving from a cryptocurrency storage tool to a complete financial platform. It is a gateway to the Web3 ecosystem. Stripe, a leading fintech company, owns Bridge, a stablecoin payment platform. Bridge connects the financial system and the blockchain. Blackstone is an alternative asset management company with over $1 billion in assets. The company is known for its custody and treasury management services for large companies.

The event began when news of the mmUSD project was revealed through a governance proposal on the Aave platform that was posted but then taken down earlier this week. Sources said MetaMask will soon share more information about mmUSD and is expected to officially launch before the end of August 2025. mmUSD will be developed with technical support from Bridge, using the M^0 network for decentralized issuance and settlement, while Blackstone will be responsible for managing the treasury by holding the reserve assets — primarily short-term U.S. Treasury bonds — and ensuring safe custody.

Analysts such as Standard Chartered say the global market capitalization of stablecoins is $280 billion and is expected to grow to $750 billion by the end of 2026. The recent passage of the GENIUS Act in the United States, which provides a clear legal framework for stablecoins, has also fueled the move and attracted interest from major businesses. Following the leak, the crypto community on social media was very excited and the price of ETH increased slightly. There were also heated debates about mmUSD's competitiveness with USDC and USDT.

How does it impact the stablecoin market?

The development of mmUSD helps MetaMask transition from a wallet to a full-fledged digital finance platform. The platform leverages its large user base to add more DeFi features, such as lending and earning interest through Aave. This could open up new revenue streams from Treasury yields and give MetaMask a stronger foothold in the growing stablecoin market. The launch of mmUSD with the support of Bridge and Blackstone could help traditional financial institutions adopt it, making it a strong competitor to other stablecoins.

For MetaMask, mmUSD not only drives revenue from reserve asset yields, but also strengthens the DeFi ecosystem by adding features like integrating Aave to generate yields directly on the mobile app. This could attract new users, especially as MetaMask is adding fiat exit services to ten blockchain networks, such as Arbitrum and Base.

The mmUSD project has a lot of potential, but it also has many risks. First, the use of a reserve asset can be controversial if not transparent, especially when the crypto community is interested in decentralization. Second, mmUSD may have a hard time proving that it is better than USDC (Circle) and USDT (Tether), which have market capitalizations of $65 billion and $164 billion, respectively.

Conclusion and evaluation

MetaMask’s development of the mmUSD stablecoin with support from Bridge and Blackstone is a major milestone, reflecting the company’s ambition to shape the future of digital finance. This event brings growth opportunities for MetaMask and the stablecoin market, albeit with risks from competition and regulation.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.