The current development of the stablecoin sector is accelerating, to the point that it recently triggered the creation of mUSD by the MetaMask crypto wallet. Just one week later, it already has a circulating supply of over $65 million.
The supply of the mUSD stablecoin exceeds $65 million
The stablecoin sector has just entered a new dimension since the adoption of the GENIUS Act regulatory framework in the United States. The question now is no longer whether they are useful, but rather which ones will create their own quickly enough to position themselves on this new monetary chessboard.
The MetaMask crypto wallet has just joined the race with the launch of its native stablecoin mUSD exactly one week ago. It seems to be a success, considering that over this period, its supply has just exceeded $65 million.
This represents a significant increase of more than 300% in its supply, which nevertheless remains very marginal compared to the size of the market leaders in stablecoins, such as Tether’s USDT ($172 billion) and Circle’s USDC ($73.5 billion).
These first steps could be accelerated by the promise of rewards for holding mUSD, as well as reduced fees and the possibility of spending it directly with the MetaMask crypto card, announced for the end of the year.
A widely established offering on Linea
In terms of the distribution of the available supply of mUSD stablecoins, by far the largest share is currently on the Linea blockchain, the layer 2 developed by ConsenSys, the company behind MetaMask. In fact, it alone accounts for around 90% of its supply.
The remaining 10% has been deployed on the Ethereum network, representing approximately $6.5 million.
The strong presence of the mUSD stablecoin on the Linea layer 2 is not surprising, since one of its main purposes is to play a central role within its ecosystem, particularly in the lending and decentralized exchange (DEX) sectors.
According to data from the DefiLlama website, the Linea blockchain currently has an estimated $280 million worth of stablecoins, more than 60% of which is Circle’s USDC (approximately $170 million).
With its current increase in supply, will the mUSD stablecoin become the next leader of this layer 2? The momentum seems to be building.
