MetaMask Officially Debuts mUSD Stablecoin

MetaMask launched its own stablecoin mUSD on Monday, making it the first self-custodial crypto wallet to issue a token. The project positions mUSD as the default digital dollar across its ecosystem, fully backed by dollar-equivalent assets with real-time transparency.

The stablecoin will be issued by Stripe-owned Bridge and minted through M0’s decentralized infrastructure, ensuring cross-chain composability through its liquidity network. MetaMask emphasized mUSD’s role as a 1:1 backed asset, seeking to standardize payments within its wallet ecosystem.

Initial circulating supply stood at $18 million, with users now able to on-ramp, hold, swap, transfer, and bridge. MetaMask plans to extend functionality further, enabling card-based spending at Mastercard merchants before year-end via the MetaMask Card.

The launch comes amid intensified competition following Tether’s USAT announcement and Hyperliquid’s planned USDH release, as banks explore tokenized dollar integrations. Analysts see mUSD’s wallet-native design as a distinctive play, embedding a stablecoin directly within MetaMask’s massive global user base.

Coinbase Explores Token for Base Network

Coinbase confirmed it is exploring a token launch for Base, its Ethereum Layer 2 scaling network. Executives described the plan as exploratory, without any timeline, governance structure, or design specifics publicly finalized yet. They emphasized transparency, pledging to involve the community throughout the decision-making process as details gradually develop further.

Coinbase said a token could accelerate Base’s long-term growth strategy by rewarding aligned usage and supporting decentralized applications. The network launched in 2023 and has grown into a hub for DeFi, gaming, and NFT activity. Officials clarified no final decision has been reached, though exploration underscores Coinbase’s evolving commitment to Base.

Native Markets Wins Hyperliquid USDH Bid

Hyperliquid validators selected Native Markets to issue USDH, ending a competitive vote involving major stablecoin firms. Native Markets will begin testing mints and redemptions under capped limits before launching a USDH-USDC trading pair. The phased rollout was described as a safeguard to ensure security before general availability expands more broadly.

The new stablecoin will be backed by cash and treasuries, with reserves split between BlackRock and Superstate. Yield generated will fund HYPE buybacks and programs designed to grow USDH distribution across Hyperliquid’s network. Analysts said the move could challenge Circle’s USDC dominance, as $6 billion reserves currently circulate on Hyperliquid.

Monero Suffers Largest-Ever Chain Reorganization

Monero experienced its deepest chain rollback, reorganizing 18 blocks and erasing 36 minutes of recent transaction history. Independent monitors said 118 transfers were invalidated after mining pool Qubic released a longer hidden chain. Observers linked the incident to withheld mining activity, raising concerns about potential majority hash control on Monero.

Qubic claimed intentions were “white hat,” aiming to expose vulnerabilities and strengthen the privacy-focused network against future risks. Nonetheless, the reorg erased confirmed payments, leading some exchanges to tighten confirmation requirements for deposits. Community members warned concentrated mining power remains a systemic threat, undermining user confidence in Monero’s reliability.

Data of the Day

The ETH/BTC ratio has struggled to reclaim 0.05, despite Ethereum’s institutional adoption and recent all-time highs. Analysts noted the ratio peaked at 0.14 in 2017 and currently sits near 0.039. Ethereum rallied 155% since July, but Bitcoin’s relative strength continues pressuring ETH’s ability to outperform consistently over time.

Ether’s rise was fueled by ETF inflows, corporate treasuries, and Ethereum Foundation outreach to traditional markets. Still, historical data shows BTC outperformed ETH most years since 2020, limiting sustained ratio growth. Experts say Ethereum may need extended consolidation before retesting 0.05, despite forecasts targeting $5,000 price milestones later this year.

More Breaking News

• OKX has launched a full-service crypto platform for Australia’s $4 trillion pension market, targeting self-managed super funds with secure custody and audit-grade compliance tools.
• Galaxy Digital purchased $300 million worth of Solana across Binance, Coinbase and Bybit, sending large volumes to Fireblocks custody wallets for strategic long-term treasury management.
• PumpFun streamers Bagwork earned over $83,000 in creator fees after leaking Drake songs, as their meme token skyrocketed to a $53 million market cap.
• The highly anticipated DOJE ETF could launch this week, making Dogecoin the first meme coin to enter US markets through a regulated fund wrapper.
• PayPal expanded crypto P2P payments, enabling users to send Bitcoin, Ether, and PYUSD through PayPal links and Venmo, starting in the US before international rollout.
• Strategy acquired 525 more BTC for $60.2 million, lifting total holdings to 638,985 Bitcoin as its average purchase price reached $73,913 per coin.
• Polkadot’s DAO approved a fixed 2.1 billion DOT token supply cap, shifting away from inflationary issuance toward long-term scarcity and investor-friendly tokenomics.

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