MetaMask USD (mUSD): Uses, Supply and Risks

MetaMask USD, usually written as mUSD, is a stablecoin issued by MetaMask and designed to track the US dollar at a 1:1 rate. Unlike a token whose value is intended to rise or fall with market demand, mUSD is meant to remain close to one dollar. That goal is not a guarantee: its market price can move above or below the peg.

MetaMask describes mUSD as part of its wallet ecosystem. It is intended to support transfers between crypto and fiat, and spending through MetaMask products, including the MetaMask Card. The token is issued on multiple blockchain networks rather than being the native token of any one chain. Public descriptions establish its intended role, but do not by themselves explain every detail of reserves, redemption terms or how the peg is maintained. Check current issuer information before relying on mUSD as a cash substitute.

The main stated purpose of mUSD is to make dollar-denominated value usable within MetaMask. A holder may use it for transfers or swaps in supported wallet services, and MetaMask describes it as a way to move between fiat and crypto. The token is also intended to be spendable with the MetaMask Card, subject to the product’s availability and terms in a user’s location.

Stablecoins can also be used to hold a dollar-linked balance between transactions or to send value without first converting into a more volatile crypto asset. Whether those uses are practical depends on the network, wallet support, fees, liquidity and any applicable service restrictions. mUSD is not the same as a bank deposit, and a dollar peg does not mean that every holder can redeem tokens directly for dollars on demand. Confirm the current features and redemption arrangements before transferring funds.

As of 2026-11-05, mUSD had about 35.34 million tokens in circulation, with reported total supply at roughly the same amount. No maximum supply was listed. Supply can change as tokens are issued or removed, so these figures should be treated as a snapshot, not a fixed limit. Its market price was about $0.9994 on that date, close to its intended dollar peg; market prices can vary over time and between trading venues.

The token is listed as issued on Ethereum, Monad and Linea. These are separate blockchain networks, so an mUSD balance on one network is not automatically available on another. Sending tokens to an address using the wrong network or an unsupported wallet can make them difficult or impossible to recover. Use the chain selected by the receiving service, and check that it supports mUSD on that specific network before transferring.

mUSD carries the risks of both stablecoins and crypto assets. Its dollar peg could weaken if confidence, market liquidity or the issuer’s ability to support the token is affected. Public sources do not establish the full reserve structure, redemption process or legal protections for holders, so do not assume that one mUSD can always be exchanged directly for one US dollar. Review current issuer disclosures for those details.

There are also blockchain risks. Network outages, transaction fees, smart-contract faults, wallet errors or problems with a bridge can disrupt access or cause losses. A price close to one dollar is not a promise that the token will preserve its value. Stablecoins are not risk-free savings accounts, and protection may differ from that provided by a bank or regulated financial product. Consider whether you can tolerate losing access to the funds before holding or transferring mUSD.

You can hold mUSD in a wallet that supports the token on its particular network. MetaMask is the wallet ecosystem associated with the token, but availability and features may differ by chain and product. Before receiving or sending mUSD, confirm the network and token details with a trusted source, and make sure the wallet or service supports that exact version. Do not rely on a token name or symbol alone, since other assets can use similar names.

In a self-custody wallet, you control the recovery phrase or private keys. Keep them offline and private; anyone who obtains them may be able to take the funds. Be cautious of unsolicited messages, fake support accounts and unfamiliar sites asking you to connect your wallet or approve a transaction. Read transaction details before signing, and test with a small transfer if you are unsure. Losing a recovery phrase can mean losing access permanently.