The new mUSD stablecoin from crypto wallet MetaMask has reached a circulating supply of $65 million, approximately one week after its official launch. This rapid growth follows the stablecoin’s debut last Monday, a report by The Block stated.
According to data from its website, the mUSD supply grew from about $15 million a week ago to $65 million on Monday morning. Dune analytics data from Seoul Data Labs indicates that the majority of the supply, 88.2%, has been deployed on the Linea network, with the remaining 11.8% on Ethereum.
MetaMask previously stated that mUSD is issued via Bridge, a stablecoin platform from Stripe, and minted using M0’s decentralized infrastructure. The company says the stablecoin is backed 1:1 by “high-quality, highly liquid dollar-equivalent assets.”
The launch of mUSD comes as stablecoins are gaining increased attention within the crypto industry, particularly after the passage of the U.S. GENIUS Act in July. The total supply of U.S. dollar-pegged stablecoins has reached $279.8 billion, led by USDT with $172.3 billion in circulation.
Further developments in the stablecoin sector include the U.S. Treasury Department seeking public comments on the GENIUS Act’s implementation and a recent announcement from Layer 1 blockchain Kaia and LINE NEXT about their plan to launch a stablecoin superapp later this year.
