Distribution Is the New Moat Another week, another stablecoin launch—but MetaMask’s mUSD feels different. While USDH (Hyperliquid) and USDe (Ethena) fight over yield, MetaMask is betting on pure reach: 100 M annual and 30 M monthly self-custody users, most of whom have never downloaded an exchange app. mUSD is the first dollar-denominated token minted natively inside a wallet, not on a centralized exchange or a Layer-1 foundation. --- How It Works Each mUSD is 1:1 backed by short-dated U.S. T...