MetaMask’s mUSD stablecoin has seen its circulating supply jump from 15 million to 65 million within 7 days.
The new week started on a high note for MetaMask, as its USD-pegged stablecoin, mUSD, reached a notable milestone. Precisely, the circulating supply of the token climbed to $65 million. This is quite significant for a stablecoin that was launched barely a week ago.
mUSD Circulating Supply Records Over 300% Spike in a Week
As of Sept. 22, mUSD’s circulating supply had topped $65 million, sparking excitement in the broader cryptocurrency community. It is worth noting that this figure for the MetaMask stablecoin was only about $15 million a week earlier, when it was launched. This suggests that the circulating supply grew by more than 300% within 7 days.
Based on data from Dune Analytics, which was compiled by Seoul Data Labs, a major percent of the mUSD supply was deployed on Linea (88.2%), while the remaining 11.8% went on Ethereum ETH $4 177 24h volatility: 6.5% Market cap: $504.78 B Vol. 24h: $43.53 B as of Sept. 20. At the time of this writing, CoinMarketCap data indicate that mUSD’s circulating supply is 65.54 million.
Meanwhile, its 24-hour trading volume has spiked by 22.41% and is currently pegged at $286,120.
This is a reflection of increased traders’ interaction and engagement with the USD-pegged stablecoin. Should mUSD sustain this positive momentum, it may start to compete for market share with the more established players in the stablecoin ecosystem.
MetaMask Launches USD-pegged stablecoin mUSD
The popular self-custodial crypto wallet hinted at the launch of mUSD, the native USD-pegged stablecoin, in August.
It was a product of a strategic partnership with companies like Bridge and MO. The development team highlighted that mUSD is fully backed 1:1 by “high-quality, highly-liquid dollar equivalent assets,” including US cash and short-duration Treasuries.
According to Ajay Mittal, vice president of product strategy at MetaMask, these types of assets produce yield. Apart from this high yield, MetaMask was also particular about improving its user experience. Hence, its focus is on products and services that deliver lower costs and involve more seamless integrations.
On Sept. 15, MetaMask eventually launched the stablecoin with global deployment through its card at over 150 million merchant locations worldwide. The launch became a vehicle that allows investors to hold more funds within Ethereum’s ecosystem. This is crucial to eliminating the need to rotate into stablecoins on rival networks.
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