MetaMask's mUSD Stablecoin Soars With Supperapp Coin Policy

Stablecoin Hits $65 Million in First Week

Just a week after its launch, MetaMask’s new mUSD stablecoin has reached a total circulating supply of $65 million, highlighting the strong demand for U.S. dollar-pegged assets. Of that, 88% is deployed on Linea, ConsenSys’ zkEVM Layer 2, while the rest is on the Ethereum mainnet.

mUSD's design reflects the strategic partnership: it is issued through Stripe's infrastructure, backed 1:1 by highly liquid US dollar assets, and fully redeemable at face value. The deal not only gives MetaMask a payment currency for its wallet ecosystem, but also serves as a strategic bridge between traditional fintech platforms and Web3 native liquidity. This rapid rise suggests that Linea users in particular are hungry for a native stablecoin that is tightly integrated with MetaMask's ecosystem.

Market hits record high

The overall stablecoin market has hit a new record, with a total supply of nearly $280 billion. Tether (USDT) continues to dominate, now surpassing $172 billion in circulation, leading the global online payments market. USDC follows as the second-largest dollar stablecoin, while recent entrants like PayPal’s PYUSD and MetaMask’s mUSD are carving out their own niches in the payments and wallet applications space.

The milestone underscores a long-term trend: stablecoins have quietly become the backbone of digital asset liquidity, powering exchange trading, DeFi lending, tokenized treasury bonds, and now, increasingly, consumer payments. The emergence of new names backed by major fintech companies shows that stablecoin competition is moving beyond crypto companies into the realm of global financial platforms.

The "Superapp Stablecoin" Race in Asia

The growth of stablecoins is not limited to the West. In Asia, messaging giants Kaia and LINE NEXT have revealed plans to launch a “stablecoin super app” on the LINE Dapp Portal later this year. The goal is to integrate stablecoins directly into existing messaging, payments, and commerce ecosystems, making them accessible to tens of millions of daily users.

If successful, these projects could reshape how stablecoins are used in real-world applications—not just for trading or DeFi, but also for everyday retail payments, remittances, and digital services on platforms that already dominate Asia’s digital lifestyle. The move reflects a broader strategy: to position stablecoins as the default payment layer for super apps, much like Alipay and WeChat Pay reshaped mobile money in China a decade ago.

Evaluation and Conclusion

The convergence of these developments — MetaMask launching a wallet-integrated stablecoin, the US enacting stablecoin legislation, and Asian super apps preparing for consumer tokens — signals that stablecoins are entering the next phase of adoption.

Cryptocurrency issuers (Tether, Circle) dominate liquidity and trading. Fintech-led issuers (PayPal, Stripe-backed MetaMask) are building consumer-centric distribution systems. Asian super apps aim to localize stablecoins into retail money. Governments are stepping in to shape the barriers, ensuring stability while asserting sovereignty.

These changes show that stablecoins are no longer just crypto plumbing — they are becoming a strategic battleground for fintechs, regulators, and global platforms alike.

Disclaimer: The information presented in this article is the author's personal opinion in 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 this 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.