MetaMask announces the launch of the mUSD stablecoin within the year, reshaping the wallet business model through a revenue-sharing model | Major upgrade in the Web3 financial ecosystem

MetaMask, the world's largest Web3 wallet, officially announced that it will launch its native stablecoin mUSD this year, marking the first entry of a product under Consensys into the $280 billion stablecoin market. mUSD adopts a dual backing mechanism of cash and U.S. Treasury bonds, with part of the revenue reinvested in the development of wallet features, creating a new model of "stablecoin as a service." Through a partnership with payment giant Stripe's Bridge, MetaMask users will enjoy seamless fiat conversions, cross-chain transfers, and a global consumption experience, with initial support for Ethereum and the Linea Layer 2 network. This article provides an in-depth analysis of mUSD's revenue-sharing mechanism, technical architecture, and its impact on reshaping the Web3 entry landscape.

[Business Model: Revenue Sharing Sets a Precedent in the Industry]

Ajay Mittal, the Vice President of Product Strategy at MetaMask, revealed a breakthrough model:

• mUSD will generate returns through cash and US Treasury reserves.
• Some of the revenue directly supports the development of wallet functionality.
• Users can enjoy continuously upgraded services without any additional fees.

This model draws on the successful experience of Tether (USDT) - the latter achieved nearly $5 billion in net profit last quarter through its holdings in government bonds. The difference with mUSD is that part of the earnings are returned to ecological construction, creating a virtuous cycle.

【Technical Architecture: Compliance Framework Guarded by Dual Giants】

mUSD is issued jointly by two professional institutions:

1. Bridge (stablecoin startup acquired by Stripe)
2. Responsible for regulatory compliance and reserve management 2. Hold a US money transmission license
3. M0 (Blockchain Infrastructure Platform)
4. Provide application-specific stablecoin technology stack 2. Achieve multi-chain deployment and smart contract integration

This division of labor allows MetaMask to focus on user experience while outsourcing complex compliance and issuance tasks to professional partners.

【User Experience: One-stop Web3 Financial Entry】

mUSD will be deeply integrated into the entire product line of MetaMask:

• Fiat deposit: supports direct exchange of mUSD via bank card
• Token Exchange: The built-in DEX aggregator provides the best exchange rates.
• Cross-chain transfer: Achieve low-cost transfers via the Linea network
• Global Consumption: Use the MetaMask credit card at Mastercard merchants

Product leader Gal Edar emphasized: "mUSD is a key step in bringing the world onto the chain, capable of overcoming the most stubborn obstacles in Web3."

[Market Positioning: A New Paradigm for Application-Specific Stablecoins]

mUSD represents the trend of stablecoin 3.0 era - application-specific digital dollar:

• PayPal issues PYUSD (backed by Paxos)
• World Liberty Financial launches USD1 (backed by BitGo)
• The American fintech Slash just launched a stablecoin supported by Bridge this month.

M0 CEO Luca Prosperi pointed out: "Applications hope to control their own dollar infrastructure but do not need to build it themselves." This model reduces the issuance time from "over a year of complex integration" to "completed within weeks."

[Regulatory Advantage: Compliance Opportunities under the GENIUS Act]

After Trump signed the GENIUS Act, the regulation of stablecoins in the United States has entered a new phase:

• Issuing licenses at the federal level
• Standardization of reserve audit criteria
• Clearing legal barriers for cross-state operations

MetaMask chooses to enter the market at this time, perfectly capturing the golden window period of regulatory clarity. Bridge co-founder Zach Abrams stated: "We have shortened the custom stablecoin issuance timeline from over a year of complex integration to a matter of weeks."

[Market Outlook: New Players in the 2.5 Trillion Track]

Analysts are extremely optimistic about the stablecoin market:

• Bitwise Chief Investment Officer Matt Hougan: Expects to reach $2.5 trillion soon
• Citigroup analysts: Reach $3.7 trillion within five years
• DefiLlama data: Current scale is 278 billion USD.

The unique advantage of mUSD is:

1. Built-in base of 30 million monthly active users
2. Seamless integration with the MetaMask ecosystem
3. Building Network Effects through Revenue Sharing Models

[Ecological Impact: The Dual Revolution of DeFi and Payments]

mUSD will first integrate the lending protocol Aave, and will later expand to:

• DeFi mining: as the underlying collateral asset
• Cross-border payment: Alternative to high-cost channels like SWIFT
• Game Economy: As the unified settlement currency for blockchain games
• NFT Market: Provides stable pricing unit

This deep integration makes mUSD different from ordinary stablecoins, becoming the hub of value transfer within the MetaMask ecosystem.

[Conclusion]

The launch of the mUSD stablecoin by MetaMask marks a strategic upgrade of Web3 wallets from tool-based applications to financial infrastructure. Through a revenue-sharing model, compliant issuance framework, and deep ecological integration, mUSD could become a key bridge between traditional finance and the crypto world. For users, this means lower transaction costs, a smoother on-chain experience, and continuously optimized product features. Developers are advised to pay attention to the API integration opportunities of mUSD, investors should focus on the potential value capture of the CONSENSYS token (if issued), while ordinary users can look forward to a truly digital dollar experience.