MetaWallet (MetaMask) is Planning to Reveal Details for a New Stable Coin, Reports Indicate
In the rapidly evolving world of cryptocurrencies, Ethereum stablecoins are poised for significant growth, according to a report by U.K. bank Standard Chartered. The forecast suggests that the market capitalization of Ethereum stablecoins could reach an impressive $750 billion by the end of 2026, and potentially $2 trillion by 2028.
This bullish outlook is driven by several factors. Institutional participation in the stablecoin market is on the rise, as traditional finance firms such as JP Morgan Chase, Bank of America, and brokerage Robinhood explore stablecoin projects. Regulatory clarity also plays a crucial role, with the recent passing of the GENIUS Act in Congress providing guidance for stablecoins pegged to the value of the U.S. dollar.
The GENIUS Act is expected to boost mainstream adoption of stablecoins, increasing demand for Ethereum’s network, which currently hosts over half of all stablecoins by issuance and accounts for 40% of blockchain fees related to stablecoins.
One of the key players in this growing market is MetaMask, an Ethereum wallet provider with 100 million users. MetaMask is reportedly planning to debut a stablecoin named mmUSD as early as Thursday. The mmUSD stablecoin is said to become the main trading pair for MetaMask's various services, with Stripe, a payment services provider, reportedly partnering with MetaMask on this initiative.
However, MetaMask's parent company, Ethereum software developer Consensys, has not commented on the potential mmUSD stablecoin, including the timing of an announcement. Consensys, which also counts MetaMask among its projects, has been silent on the matter.
The stablecoin market is not without its success stories. Circle, a stablecoin issuer, saw a near 675% increase in its first two weeks of trading, although it has since lost a significant portion of those gains. Bridge, a stablecoin platform acquired by Stripe for a reported $1.1 billion last year, allows businesses to accept stablecoins as payments and aims to rival global payments networks like Swift, Mastercard, and Visa.
In addition to the mmUSD stablecoin, MetaMask has also partnered with Aave, a decentralized liquidity protocol, to allow wallet users to generate yield from Aave's protocols via the MetaMask mobile app. Users can also access USDC, USDT, and DAI yields through this integration, expanding beyond existing staking options.
As the Ethereum stablecoin market continues to grow, so does the interest in Ethereum itself. Standard Chartered raises the ETH price target to $12,000 in 2026 and $25,000 by 2028, citing stablecoin growth as a major driver. For those interested in staying updated on the latest news and developments in the Ethereum and stablecoin space, The Daily Debrief Newsletter is available for viewing on Walrus.
- Ethereum stablecoins are projected to achieve significant growth, with a market capitalization potentially reaching $2 trillion by 2028, according to a report by Standard Chartered.
- Institutional involvement in the stablecoin market is increasing, with traditional finance firms like JP Morgan Chase, Bank of America, and Robinhood examining stablecoin projects.
- The GENIUS Act, recently passed in Congress, offers guidance for stablecoins pegged to the U.S. dollar, expected to boost mainstream adoption.
- Ethereum network hosts over half of all stablecoins by issuance and dominates 40% of blockchain fees related to stablecoins.
- MetaMask, an Ethereum wallet provider, plans to introduce a stablecoin named mmUSD as soon as Thursday, and it's rumored that Stripe will partner in this venture.
- Bridge, a stablecoin platform acquired by Stripe, enables businesses to accept stablecoins as payments and aims to compete with global payment networks like Swift, Mastercard, and Visa.
- MetaMask users can generate yield from Aave's decentralized liquidity protocols via the MetaMask mobile app, and access yields from USDC, USDT, and DAI, expanding their staking options.
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