As of June 27, 2026, MetaMask USD (mUSD) holds a market capitalization of roughly $32.2 million per DeFiLlama and CoinGecko, with about 32.2 million tokens in circulation, trading within a tight peg near $1. Built with Bridge, a Stripe company, and the M0 protocol, mUSD is the first stablecoin natively issued by a self-custodial wallet, with circulation supported on Ethereum and Linea at launch per the Consensys press release. The wallet-native supply trajectory ($18 million on launch day, $65 million at week one, $32 million today) tells a different story than any issuer-led launch.
Key Takeaways
- The mUSD market cap stands at approximately $32.2 million on DeFiLlama and $32,216,808 on CoinGecko as of June 27, 2026, with roughly 32.2 million tokens in circulation.
- CoinMarketCap counts 270,330 mUSD holders against a market cap of about $30.8 million, ranking the token at #566 by market capitalization.
- DeFiLlama’s per-chain breakdown shows Ethereum holds 19.71 million mUSD, Linea 11.08 million, and Monad 1.43 million.
- Every mUSD in circulation is backed 1:1 by short-term U.S. Treasury bills, with issuance in partnership with Bridge (a Stripe company) and the M0 protocol powering on-chain operations.
- MetaMask, the first self-custodial wallet to launch its own digital dollar, targets mUSD at its base of over 100 million users.
- The token launched on September 15, 2025, with about $18 million in circulation on launch day. Within a week of launch, circulation grew to over $65 million, roughly tracking the $64.5 million market cap reported at week’s end.
- The total stablecoin market stands at about $313.2 billion as of June 27, 2026.
Editor’s Choice
- Total mUSD circulating supply on DeFiLlama is 32.22 million as of June 27, 2026.
- CoinGecko reports an infinite maximum supply for mUSD, with current circulating supply at 32,226,940 tokens.
- 24-hour trading volume on CoinGecko’s tracked exchanges totals $36,508,387, against a market cap of $32,216,808.
- Per-chain 30-day change favors Monad at +185% while Linea’s supply contracted -21.91%.
- Consensys earns a share of the yield generated by mUSD’s cash and U.S. Treasury reserves, an arrangement uncommon among major stablecoins where the issuer retains all the yield.
- Stablecoins crossed nearly $1 trillion in monthly on-chain volume around the time of the mUSD announcement.
- USDT holds 59.03% dominance of the $313.2 billion stablecoin market as of June 27, 2026.
The Wallet-Native Supply Trajectory
The first wallet-native stablecoin gets to use a launch curve that issuer-led tokens do not see.
Created in partnership with Bridge (a Stripe company) and powered by the M0 protocol, mUSD is available on both MetaMask Extension and MetaMask Mobile.
Key markers in the first ten months:
- Launch day on September 15, 2025, brought approximately $18 million in circulating supply per IQ.wiki’s reference page.
- Inside seven days, that figure jumped to over $65 million per Coinfomania, with the market cap closing the week around $64.5 million.
- Through the cool-down, mUSD settled to about $32.2 million by June 27, 2026, roughly half the early peak but well above the opening figure.
- Every mUSD is fully backed 1:1 by U.S. cash and short-duration Treasuries.
- Bridge, a Stripe company, runs the licensed issuance side, while M0 handles the on-chain framework that lets supply move across Ethereum and Linea without breaking the peg.
By the numbers: mUSD opened on September 15, 2025, with about $18 million in supply. Within seven days of launch, circulation grew to over $65 million, roughly mapping to a $64.5 million market cap. As of June 27, 2026, mUSD circulates at roughly $32.2 million across Ethereum, Linea, and Monad with a clean 1:1 peg. CoinMarketCap counts about 270,330 holders. The total stablecoin market stands at $313.197 billion on June 27, 2026.
mUSD Live Market Snapshot
Three aggregator snapshots below capture the headline numbers and methodology differences between DeFiLlama, CoinGecko, and CoinMarketCap.
| Aggregator | Price | Market Cap | Circulating Supply | 24h Volume |
|---|---|---|---|---|
| DeFiLlama | $1.00 | $32.21 million | 32.22 million | n/a |
| CoinGecko | $0.9997 | $32.22 million | 32.23 million | $36.51 million |
| CoinMarketCap | $0.9999 | $30.79 million | 30.79 million | $37.38 million |
Source: DeFiLlama, CoinGecko, and CoinMarketCap mUSD pages, June 27, 2026.
- CoinGecko’s snapshot pegs the 24-hour trading range between $0.9995 and $1.01, with mUSD currently ranked #603 by market capitalization.
- CoinMarketCap’s volume-to-market-cap ratio of 133.14% indicates each day’s trading turns over more value than the entire circulating supply, a pattern characteristic of stablecoins used in active routing rather than buy-and-hold positions.
mUSD Supply by Blockchain
- Ethereum carries the largest share of mUSD circulation at 19.71 million tokens, while Linea, the L2 network developed by Consensys, holds 11.08 million, and Monad runs at 1.43 million.
- MetaMask launched mUSD on Ethereum Mainnet and Linea on September 15, 2025. DeFiLlama now lists Monad alongside Ethereum and Linea as a supported chain.
Recent Developments
- August 21, 2025: Consensys formally announced mUSD as the first native stablecoin from a self-custodial wallet, with Bridge (Stripe) handling issuance and M0 providing the on-chain framework.
- September 15, 2025: mUSD officially went live on Ethereum Mainnet and Linea, opening with a circulating supply of about $18 million on launch day.
- September 22, 2025: Within a week of launch, mUSD circulation grew from about $15 million to over $65 million, with a market cap of roughly $64.5 million.
- Late 2025: Coinfomania reported that with the MetaMask Card, holders can use mUSD for purchases at any merchant that accepts Mastercard, extending the token from in-wallet swaps to point-of-sale use.
- Q1 2026: Monad joined Ethereum and Linea as a supported chain, with the contract deployed across all three networks.
- June 27, 2026: Steady-state circulation settled near $32.2 million. CoinMarketCap counts about 270,000 holders at this point.
mUSD Supply Growth Trajectory
- On its launch day, mUSD’s circulating supply reached approximately $18 million.
- Adoption was sharp through the first week; supply ran from about $15 million to over $65 million, a roughly 400% increase, with the market cap closing the week around $64.5 million.
- Supply has since settled to about $32.2 million as of June 27, 2026, roughly half the early peak but well above the opening-day figure.
30-Day Per-Chain Change
| Chain | 1-Day Change | 7-Day Change | 30-Day Change |
|---|---|---|---|
| Ethereum | +4.49% | -2.26% | +10.01% |
| Linea | -3.01% | -26.33% | -21.91% |
| Monad | <0.0001% | +47.38% | +185% |
Source: DeFiLlama mUSD page, June 27, 2026.
- Ethereum is the only legacy chain growing on a 30-day window at +10.01%, while Linea contracted -21.91% and Monad grew +185% off a small base.
- Linea’s 7-day change of -26.33% is steeper than its 30-day contraction of -21.91%.
- A negative 30-day change on the wallet-developer’s own chain (Linea) is the friction signal worth watching, while Ethereum’s steady drift reads as the durable trend.
Holders, Distribution, and Token Mechanics
Key finding: With 270,330 holders and roughly $30.79 million in circulation per CoinMarketCap on June 27, 2026, mUSD’s average wallet balance lands near $114, a sign of broad retail uptake rather than whale concentration of the wallet-native supply.
The distribution profile matters more for a wallet-native stablecoin than for an issuer-backed peer. Key holder and contract figures:
- 270,330 distinct mUSD holders against a circulating supply of 30.79 million tokens (CoinMarketCap), with an average balance of about $114 per holder.
- CoinGecko reports a maximum supply of infinite for mUSD, with issuance bounded by reserve backing rather than a hard token cap.
- The single mUSD smart contract address
0xaca92e438df0b2401ff60da7e4337b687a2435daruns on Ethereum, Linea, and Monad. - On CoinGecko’s tracking, mUSD trades across 6 exchanges and 9 markets, with the global price calculated using a volume-weighted average.
An average wallet near $115 rules out whale-driven supply and points to broad retail uptake.
mUSD’s Share of the Stablecoin Market
- DeFiLlama puts the total stablecoin market cap at $313.197 billion on June 27, 2026, down -2.52% over 30 days, with USDT carrying 59.03% of total share.
- A wallet-native stablecoin at this stage looks negligible against USDT and USDC, but mUSD competes for default placement inside a wallet rather than market share.
How mUSD Compares to USDT and USDC
mUSD’s wallet-native model puts it on a different axis from the established stablecoin leaders. The comparison turns on distribution rail ownership, not on reserve quality.
| Dimension | mUSD | USDT | USDC |
|---|---|---|---|
| Issuer | Bridge (Stripe) | Tether Limited | Circle |
| Market cap (Jun 27, 2026) | $32.2 million | $184.9 billion | ~$78 billion |
| Distribution model | Wallet-native (MetaMask) | Multi-exchange | Multi-exchange + payments |
| Reserve composition | U.S. Treasuries + cash | T-bills + commercial paper history | Treasuries + cash |
| Yield sharing with operator | Yes (Consensys takes a share) | No (issuer retains yield) | Partial (some Coinbase agreements) |
Source: MetaMask launch post, DeFiLlama Stablecoins page, IQ.wiki MetaMask USD page, June 2026.
Headline structural differences between mUSD and the incumbents:
- mUSD’s yield-sharing arrangement directs a portion of the Treasury and cash yield to Consensys, while most issuer-led stablecoins keep all reserve income for the issuer.
- mUSD supports on-ramps, swaps, and bridging through the MetaMask wallet, and the MetaMask Card will soon enable spending at Mastercard merchants.
- USDT and USDC together carry the bulk of the stablecoin market at roughly $184.9 billion and $78 billion, respectively.
Wallet-native distribution flips the customer-acquisition logic. MetaMask already has the user, whereas Tether and Circle pay exchanges to route.
Reserve Backing and Yield Economics
mUSD is a fiat-backed stablecoin in the strict sense: every token in circulation is backed at par by short-duration U.S. dollar instruments held in regulated custody, with Bridge as issuer of record.
Reserve facts at a glance:
- Every mUSD in circulation is backed 1:1 by short-term U.S. Treasury bills, designed to maintain a stable value and remain redeemable.
- Ajay Mittal, vice president of product strategy at MetaMask, told The Block that mUSD is fully backed by U.S. cash and short-duration Treasuries that generate yield, with MetaMask using that yield to improve the user experience across the stack.
- Bridge serves as the stablecoin issuance and orchestration platform for the token, while M0 acts as the decentralized stablecoin infrastructure and liquidity platform on-chain.
- DeFiLlama’s MUSD page lists the token’s audit status as Yes and categorizes it as crypto-backed for tracking purposes, though the reserves are dollar instruments rather than crypto collateral.
- Bridge co-founder and CEO Zach Abrams said custom stablecoin issuance “used to take more than a year of complex integrations,” but Bridge’s technology has compressed that timeline “to a matter of weeks.”
The yield share converts mUSD from a utility token into a revenue-generating product for Consensys. The disclosure question- exactly what share, exactly which costs it offsets- is where mUSD’s transparency story gets tested.
Linea, Ethereum, and Monad: Where mUSD Travels
- The three chains supporting mUSD each play a different role in the token’s distribution.
- Ethereum is the liquidity anchor; Linea is the wallet-native DeFi protocols seed; Monad is the experimental new surface.
- MetaMask plans to integrate mUSD into Linea’s DeFi stack, from lending markets to decentralized exchanges. The launch post confirms mUSD is “available now on both MetaMask Extension and MetaMask Mobile,” meaning the chain choice is exposed through the same swap and bridge UI that already moves Ethereum mainnet volume.
- Coinfomania’s launch coverage noted that mUSD is “available wherever MetaMask users are, from mainnet Ethereum to their Layer 2 chain, Linea,” reflecting a wallet-native distribution choice rather than a market outcome.
- On the spending side, holders can use mUSD via the MetaMask Card at any merchant that accepts Mastercard, extending the Stripe-issued token from in-wallet to in-store.
- The card route gives mUSD reach to more than 150 million Mastercard-accepting locations worldwide.
- Monad’s 185% swing reflects wallet-seeding rather than market signal. The next two quarters will show whether Monad stabilizes or Linea’s contraction erodes the wallet-native share.
Wallet-Native Stablecoins: Why the Model Matters
mUSD’s launch sits inside two trends the stablecoin market has been waiting for: durable regulatory clarity in the U.S. and the consolidation of stablecoin issuance into specialized infrastructure firms.
Market and regulatory context at launch:
- mUSD launched after the passage of the U.S. GENIUS Act, which introduces the first federal framework for regulating payment stablecoins.
- MetaMask, a Web3 wallet with over 100 million users, became the first self-custodial wallet to launch its own digital dollar.
- Stablecoins were crossing nearly $1 trillion in monthly on-chain volume around the time of mUSD’s announcement.
- Gal Eldar, Product Lead at MetaMask, framed the launch as a way to “cut through some of the most stubborn barriers in web3 and reduce both friction and costs for people onboarding directly into a self-custodial wallet.”
Until mUSD, every major stablecoin was issued by a specialized company and integrated into wallets after the fact. Lessons from algorithmic stablecoins are cautionary, though mUSD’s full-reserve Treasury backing sits on different footing.
Peg Stability and Audit Posture
mUSD trades on a tight band against the U.S. dollar, the only metric that matters for daily utility.
Peg-and-audit signals:
- CoinGecko’s 24-hour trading range puts mUSD between $0.9995 and $1.01 as of June 27, 2026, with the live price at $0.9997.
- CoinMarketCap’s snapshot shows a 0.13% 24-hour move against the dollar, well inside the band a redeemable Treasury-backed stablecoin should hold.
- DeFiLlama flags mUSD’s audit status as Yes, in line with how the tracker flags other audited stablecoins.
- mUSD’s all-time low of $0.98 and all-time high of $1.26 describe a tight first-year envelope around the dollar, consistent with the 1:1 Treasury backing and the active arbitrage that secondary aggregators see across the 6 exchanges and 9 markets that list the token.
- Every mUSD in circulation is designed to maintain a stable value and remain redeemable.
Peg stability for a Treasury-backed stablecoin is mostly a function of redemption mechanics and reserve composition. mUSD passes the test that matters here.
What backs mUSD and who controls the reserves?
Every mUSD in circulation is backed 1:1 by short-term U.S. Treasury bills, designed to maintain a stable value and remain redeemable. Bridge, a Stripe company, serves as the stablecoin issuance and orchestration platform. A portion of the yield generated from the cash and U.S. Treasuries backing mUSD is directed to MetaMask in a revenue-sharing arrangement for Consensys. On the on-chain side, mUSD is powered by M0, a decentralized stablecoin infrastructure and liquidity platform.
How does mUSD’s supply split between Ethereum, Linea, and Monad?
As of June 27, 2026, DeFiLlama shows 19.71 million mUSD on Ethereum (about 61% of total supply), 11.08 million on Linea (34%), and 1.43 million on Monad (4%). The 30-day per-chain changes diverge sharply: Ethereum +10.01%, Linea -21.91%, and Monad +185%. Ethereum’s positive drift represents the durable mainnet baseline; Linea’s contraction reflects supply migration; Monad’s growth is from a small starting base.
Conclusion
mUSD shows a steady-state market cap of roughly $32.2 million as of June 27, 2026, and a clean 1:1 peg against the U.S. dollar. CoinMarketCap counts about 270,330 mUSD holders. Ethereum’s 19.71 million, Linea’s 11.08 million, and Monad’s 1.43 million show where MetaMask’s distribution power is and is not pulling. Public data
points to track from June 2026 forward on DeFiLlama: per-chain change (Ethereum at +10.01%, Linea at -21.91%) and the per-chain shares of 61%, 34%, and 4% that mark the steady-state baseline. Holder growth on CoinMarketCap (currently 270,330) is the second monitoring axis.
The number to watch next is mUSD’s share of MetaMask’s in-wallet swap volume; a double-digit slice would prove the wallet-native model and invite copies from other self-custody products.
