Popular self-custodial wallet firm MetaMask has officially revealed that it will launch its own native dollar stablecoin called MetaMask USD (mUSD) later this year.

mUSD will be issued by Stripe-owned platform Bridge and powered by the decentralized protocol M0. 

Each mUSD token will be backed 1:1 by U.S. cash and short-duration Treasuries, with real-time transparency and monthly public attestations of reserves.

The stablecoin will also be natively integrated into the MetaMask wallet, giving it deep wallet integration and composable cross-chain use. However, it will first be rolled out on Ethereum and Consensys’ layer 2 network Linea.

This story is an excerpt from the Unchained Daily newsletter.

“Issuing a custom stablecoin used to take more than a year of complex integrations,” said Bridge CEO Zach Abrams in a statement.

“We’ve reduced that timeline to a matter of weeks, which means platforms like MetaMask can realize benefits more rapidly and efficiently than ever before.”