Metamask, the Cryptocurrency-Watching Book, which grew into popularity within the Ethereum Blockchain ecosystem, is likely to reveal details of his own custom US dollar-pegged stablecoin soon, potentially as soon as this week, according to a person who knows the case.
Metamask stableCOin (MUSD) were already reported to be in the works thanks to a premature government proposal that was quickly deleted last week. After this week’s potential announcement, the new dollar-pegged token will become a living asset at the end of this month, the person said.
Metamask, who has said it has over 30 million active monthly users, is working to issue its stablecoin using Bridge, a company acquired by Fintech Giant Stripe earlier this year, helping companies integrate stableecoin payment rails and stableecoin issuing protocol M^0.
In addition to working closely with Bridge on the Musd StableCoin, Metamask has also enrolled the help of the traditional financing alternative asset manager Blackstone to help with custody and the Treasury Management Services to the token, the person said.
Metamask and m^0 refused to comment. Blackstone and Bridge did not immediately respond to requests for comment.
Like several other large crypto platforms that have significant quantities of user funds in the form of larger stableecoins such as Tether’s USDT and CIRCLE’s USDC, Metamask’s prerogative is to launch a branded stableecoin driven by the possibility of sharing in the yield of underlying stablecoin assets, usually short-lived, very fluent bonds, such as us damage.
