Popular cryptocurrency wallet MetaMask’s new stablecoin, mUSD, saw its circulating supply surge to $65 million just a week after its release. The mUSD coin, launched last Monday, quickly made a significant impact in the market.
Distribution of mUSD Supply Across Networks
According to data from Dune Analytics, 88.2% of the mUSD supply is on the Linea network, while 11.8% is on Ethereum $4,196 . The data indicates that the stablecoin has already started trading across different networks in its first week.
MetaMask announced last month that mUSD is issued through Stripe’s stablecoin platform, Bridge. The altcoin is built on M0’s decentralized infrastructure and backed 1:1 by high-quality, highly liquid dollar-equivalent assets.
Integrated into the MetaMask ecosystem, the mUSD coin positions itself as a new stablecoin option accessible directly through users’ wallets. Its rapid growth following its launch confirms this positioning.
Position in the Stablecoin Market
According to CoinMarketCap data, the total stablecoin supply has reached $279.8 billion, with $172.3 billion of that from Tether (USDT). The entry of mUSD into the market, alongside this overall supply increase, indicates a substantial growth momentum.
In July, the GENIUS Act in the U.S. established a regulatory framework for the stablecoin market. Last week, the U.S. Treasury began collecting public comments on the implementation of this law.
In the same period, Asia-based Kaia and LINE NEXT announced plans for a stablecoin super app, set to be available on LINE’s Dapp Portal by the year’s end. These developments show increasing competition in the global stablecoin market.
