3 hours ago
MetaMask, the cryptocurrency wallet that grew to popularity wrong the Ethereum blockchain ecosystem, is apt to unveil details of its ain customized U.S. dollar-pegged stablecoin shortly, perchance arsenic soon arsenic this week, according to a idiosyncratic acquainted with the matter.
The MetaMask stablecoin (mUSD) was already reported to beryllium successful the works acknowledgment to a prematurely posted governance connection that was rapidly deleted past week. After this week's imaginable announcement, the caller dollar-pegged token volition go a unrecorded plus astatine the extremity of this month, the idiosyncratic said.
MetaMask, which has said it has implicit 30 cardinal progressive monthly users, is moving to contented its stablecoin with the assistance of Bridge, a steadfast that was acquired by fintech elephantine Stripe earlier this twelvemonth that helps businesses integrate stablecoin outgo rails, and stablecoin issuance protocol M^0.
As good arsenic moving intimately with Bridge connected the mUSD stablecoin, MetaMask has besides enlisted the assistance of accepted concern alternate plus manager Blackstone to assistance with custody and treasury absorption services for the token, the idiosyncratic said.
MetaMask and M^0 declined to comment. Blackstone and Bridge did not instantly respond to requests for comment.
Like respective different ample crypto platforms that clasp important amounts of idiosyncratic funds successful the signifier of large stablecoins similar Tether's USDT and Circle’s USDC, MetaMask’s prerogative to motorboat a branded stablecoin is driven by the accidental to stock successful the output of underlying stablecoin assets, usually short-term, highly liquid bonds specified arsenic U.S. Treasuries.
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