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...

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...