Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesmUSD (MetaMask)
MetaMask USD (mUSD) is a US dollar-backed stablecoin issued by Bridge (a Stripe company), launched in September 2025. Regulation: Bridge Building Inc. is a state-licensed money transmitter (NMLS #2450917); OCC preliminary conditional approval for Bridge National Trust Bank (February 12, 2026). It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- mUSD
- Issuer
- Bridge (a Stripe company)
- Pegged to
- US dollar
- Type
- Fiat-backed
- Launched
- September 2025
- E-money token under MiCA
- No
- Latest reserve report
- Live (September 29, 2026)
- Supply
- 33,116,050 mUSD
- Supply as of
- September 29, 2026
- Transparency page
- reserves.bridge.xyz
- Checked on
Reserve assets of $33.16 million on September 29, 2026, almost entirely in money market funds holding Treasury bills of under three months, 100.13% of supply. Reserve reporting: live reserve dashboard. The latest report covers Live (September 29, 2026). Supply: 33,116,050 mUSD as of September 29, 2026, according to the issuer.
MetaMask sells mUSD through its on-ramp; the issuer does not publish mUSD-specific redemption terms. The issuer lists 4 networks where the token is issued natively: Ethereum, Linea, BSC and Monad.
- Token name
- MetaMask USD
- Brand
- MetaMask
- Regulation
- Bridge Building Inc. is a state-licensed money transmitter (NMLS #2450917)
OCC preliminary conditional approval for Bridge National Trust Bank (February 12, 2026) - Reserves
- Reserve assets of $33.16 million on September 29, 2026, almost entirely in money market funds holding Treasury bills of under three months, 100.13% of supply.
- Reserve reporting
- Live reserve dashboard
- Latest report
- reserves.bridge.xyz
- Supply, millions of tokens
- 33.1
- Redemption
- MetaMask sells mUSD through its on-ramp; the issuer does not publish mUSD-specific redemption terms.
- Networks (native issuance)
- Ethereum, Linea, BSC, Monad
- Number of networks
- 4
- Website
- metamask.io
- Sources
Page URL Bridge reserves: MetaMask USD https://reserves.bridge.xyz/musd MetaMask announcement (21 Aug 2025) https://metamask.io/en-GB/news/metamask-announces-stablecoin-metamask-usd MetaMask: Introducing MetaMask USD https://metamask.io/en-GB/news/introducing-metamask-usd-your-dollar-your-wallet MetaMask mUSD page https://metamask.io/price/metamask-usd MetaMask Help Center: mUSD https://support.metamask.io/manage-crypto/tokens/musd/ Bridge homepage (licensing footer) https://bridge.xyz/ OCC Corporate Decision #1365 (Bridge National Trust Bank) https://www.occ.treas.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/cd1365.pdf ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
