MetaMask Plans New ‘MetaMask USD’ Stablecoin with Stripe: Reports

The coin is expected to minimize the transaction volatility experienced with altcoins, according to a governance proposal submitted 5 August to the MetaMask community that Sandmark has seen but not independently validated. 

The new stablecoin will leverage MetaMask’s “M^0” network, but will be issued by global payments provider Stripe, according to the reports. Consensys, the software company which developed MetaMask, told Sandmark in an email that it doesn't comment on speculation.

Reshaping the DeFi landscape

If the proposal is approved and advances, it stands to entrench MetaMask’s position as a wallet provider within the DeFi ecosystem and create a usable fiat-to-crypto mechanism for millions of users. While altcoins are often volatile and unpredictable, the new coin would bring about simpler transactions and ensure a higher level of reliability. 

According to the proposal, the new coin may even form a cornerstone of the MetaMask ecosystem. It would provide a highly liquid base currency integrated directly into the wallet provider’s services.

MetaMask card

The proposal comes shortly after the self-custodial wallet provider announced the pilot project of its debit card programme in the US, in partnership with Baanx and Mastercard. The card allows users to more easily spend crypto stored in their self-stored wallets without having to first convert or transfer funds.

When announcing the pilot project, the company stated that the card allows users to “pay with crypto with no extra steps, no banks, no unnecessary charges, or top-ups needed.”

Pending official confirmation

However, neither MetaMask nor Stripe have commented publicly yet, and the initiative requires community backing to move forward. Official confirmation will bring with it more details surrounding the structure, launch timeline, and regulatory considerations. 

The global stablecoin market cap is valued at over $275 billion, with around 99% of the market linked to the US dollar.