MetaMask tables plan for dollar stablecoin with Stripe

MetaMask has hinted at its own stablecoin. A governance note, posted then deleted, set out plans for a dollar-pegged token called mmUSD.

Stripe was named as a partner. No timeline. No details on reserves. But the signal is there: wallets want their own currency.

Shifting Lines in Digital Payments

MetaMask tables plan for dollar stablecoin

The idea of a wallet-issued stablecoin shows how quickly boundaries are moving between traditional finance and decentralised systems.

That same movement is drawing attention to the ways digital money flows can connect directly with online entertainment platforms, where new forms of value exchange are beginning to take hold.

They are already used for cross-border transfers, reducing friction in how money moves between markets. They are becoming part of digital platforms that settle transactions instantly, with less reliance on banks. 

A similar trend is visible in the use of Bitcoin for online gambling.

Many platforms emphasize the convenience of purchasing directly with a standard credit card, without delays in processing.

For some, the availability of bonuses and reward programs is an added advantage, enhancing the overall value of each transaction. Credit card payments also benefit from established security protections, while offering flexibility to make purchases at any time.

Those looking to find out how to buy Bitcoin with a credit card can see how speed, security, and incentives now form part of the digital economy.

The broader trend shows how digital assets are being folded into everyday financial activity, supported by faster rails and more reliable settlement structures.

That progression highlights the need for stable, trusted instruments that can serve as anchors in volatile markets. It is against this backdrop that MetaMask’s proposal for mmUSD becomes clearer, signalling a move to bring those same efficiencies inside its own ecosystem

Inside the Proposal

The document set out a plan for MetaMask USD to be pegged one-to-one to the US dollar. It linked issuance to the M⁰ network, a framework designed to support decentralised settlement.

In practice, the token would sit inside the MetaMask wallet and act as a default unit for swaps, purchases, and lending activity.

The language of the proposal was clear. Stripe would take on the role of issuer, bringing its regulatory standing and fiat rails into play.

For MetaMask, a stablecoin would mean tighter control over flows inside its ecosystem. No need to lean on third-party tokens such as USDC or USDT when the wallet could provide its own.

A Role for Stripe

Stripe’s presence is significant. The company already runs payment infrastructure across dozens of markets. It is licensed, supervised, and trusted to handle fiat at scale. Tying that to a dollar-backed token would give MetaMask credibility it could not create alone.

Yet there are questions.

The post did not set out how reserves would be managed, where assets would be held, or which regulator would oversee the structure. Those gaps matter. Without them, mmUSD remains a plan, not a product.

Stablecoins Step Into the Spotlight

The shift has been building for years. What was once a niche instrument is now embedded in mainstream payment flows. Dollar-linked tokens in circulation are above 150 billion and rising.

They move across remittance corridors, they settle trades between firms, they underpin liquidity on digital exchanges.

Regulators are no longer standing back. In Washington, the GENIUS Act sets out how issuers must handle reserves and licensing. Other regions are drawing up similar frameworks, trying to set boundaries around a market that has outgrown its original use case.

This changing environment puts pressure on wallets. The divide between a consumer-facing wallet and a financial institution is harder to see.

MetaMask already sits at the gateway to decentralised markets, with more than 30 million active users. If mmUSD were introduced, the wallet would not only provide access. It would supply the currency needed to operate once inside.

Not the First Step

This is not MetaMask’s first push into payments. Last year it worked with Mastercard and Baanx to deliver a crypto-linked debit card.

That partnership let wallet users spend digital assets through conventional rails. mmUSD would be a logical extension, embedding a stable reference unit into the wallet rather than linking outwards.

The direction is consistent. Wallets are becoming platforms. They not only hold assets; they issue, settle, and distribute them.

Payments firms see the same shift and are looking to attach themselves early. For Stripe, the association would mark its clearest entry into stablecoin issuance.

Reading Between the Lines

Whether mmUSD is launched or not, the proposal itself matters. It shows wallets are preparing to anchor themselves deeper in the payments stack.

It shows payment companies are willing to attach their brands to digital dollars. And it shows regulators will soon have to judge not only coins issued by banks or fintechs, but tokens born inside the most widely used wallets.

The post vanished. The questions remain. Yet the message lingers: MetaMask and Stripe are weighing a new chapter in stable digital money.