Informed sources revealed that MetaMask, one of the most popular cryptocurrency wallets on the Ethereum network, may soon announce details of its new USD-pegged stablecoin (**mUSD**), with expectations for an official reveal as early as this week.
### Details available so far:
- Information about mUSD was leaked last week via a governance proposal that was quickly deleted.
- The new currency is expected to be operational by the end of the month.
- MetaMask partnered with Bridge (which was previously acquired by Stripe) and the M^0 protocol to issue the currency.
- MetaMask received support from Blackstone for treasury management and custodial services.
### Why is MetaMask working on its stablecoin?
Like many major cryptocurrency platforms, MetaMask aims to capitalize on the financial returns generated by asset-backed stablecoins, which are often U.S. Treasury bonds or highly liquid assets.
This launch comes at a time when MetaMask has over 30 million monthly active users, giving it a strong base to promote its stablecoin.
### What are we waiting for now?
- The official announcement of mUSD and details of the issuance mechanism.
- The actual launch date is set for the end of August.
- Community reactions to competition with USDT and USDC.
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