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Editors: Felix, PANews Last week, a governance proposal outlining MetaMask's stablecoin mUSD was removed after a brief launch, sparking speculation in the market about mUSD's development. Currently, the launch of the stablecoin has been confirmed. MetaMask, a crypto wallet developed by Consensys, announced on August 21 that it will launch its native US dollar stablecoin, MetaMask USD ($mUSD), marking the first time a self-custodial wallet has launched an autonomous stablecoin. mUSD is expected to be released later this year, when it will first launch on Ethereum and Linea. Built on Bridge and M0, it will be connected to Mastercard by the end of the year mUSD is built by Bridge, a stablecoin issuer owned by Stripe, and powered by M0's decentralized infrastructure. Bridge is a stablecoin orchestration and issuance platform owned by Stripe, providing compliant licensing, monitoring, and strict reserve management for custom-issued stablecoins. Bridge underlays minting $mUSD utilizing the M0 protocol, which provides a decentralized and scalable stablecoin infrastructure platform built for interoperability, composability, and transparency. According to MetaMask, mUSD will be fully backed by "high-quality, highly liquid dollar equivalents" at a 1:1 ratio, including U.S. cash and short-term U.S. Treasuries, with real-time transparency and cross-chain composability. mUSD is scheduled to launch on Ethereum and Consensys' Linea network later this year, with deep integration with Linea's DeFi stack, gradually covering lending markets, DEXs, and custody platforms, thereby promoting liquidity and reducing user onboarding resistance. mUSD will be used in two main ways: In Wallet at Launch: For seamless deposits, exchanges, transfers, and cross-chain bridging. Expected in real life by the end of the year: Allowing users to use mUSD at millions of merchants accepting Mastercard via MetaMask card. Regarding whether to offer mUSD deposit rewards to customers, Ajay Mittal, Vice President of Product Strategy at MetaMask, emphasized, "Currently, mUSD does not provide yield directly to users. However, mUSD may play a role in MetaMask's future incentive programs. ” The exact release date or planned release scale has not been officially disclosed, but more technical details and user guides will be released in the coming weeks. The development cycle has been shortened to a few weeks, and the stablecoin has ushered in a period of rapid expansion The release of mUSD comes as the monthly on-chain trading volume of stablecoins exceeds nearly $1 trillion and coincides with the passage of the GENIUS Act in the United States. Previously, Federal Reserve Governor Christopher Waller delivered a speech in support of cryptocurrencies, highlighting the role of stablecoins, noting their potential to maintain and expand the dollar's position internationally. Meanwhile, Wyoming officially launched the Frontier Stable Token (FRNT), becoming the first state in the United States to issue its own stablecoin. As the digital dollar market flourishes and regulatory transparency increases, the concept of applied stablecoins is also gaining traction. Payment apps, crypto wallets, or DeFi protocols can also launch their own stablecoins while outsourcing compliance, reserves, and infrastructure to providers. For example, Paxos issued PayPal's PYUSD token, while BitGo backed Trump-linked DeFi protocol World Liberty Financial's USD1. Earlier this month, US fintech company Slash partnered with Bridge to launch its own stablecoin. MetaMask's stablecoin is the first case of a partnership between M0 and Bridge, which allows MetaMask to provide its users with built-in digital dollars without having to manage complex issuance, compliance, and technical processes. Bridge co-founder and CEO Zach Abrams said they reduced the development time for custom stablecoin issuance from "more than a year of complex integration" to "weeks." This means that apps like Metamask "can realize earnings faster and more efficiently than ever before." Through this partnership, M0 and Bridge are looking to replicate the development of the MetaMask token to more issuers.

Bullish stock closed at around $63 with robust gains on August 21. Ark Invest expanded its position, now holding over 1.16 million Bullish shares. Bullish settled $1.15 billion IPO proceeds in stablecoins, a first for a U.S. IPO. The Bullish crypto stock has slipped after its New York Stock Exchange debut, giving Ark Invest to buy more at a sizable discount. The firm led by Cathie Wood added over one million shares as the crypto exchange settled its $1.15 billion IPO proceeds in stablecoins, a first for the U.S. market. Ark Invest Buys More Bullish Crypto Stock It is worth noting that Bullish crypto stock fell to $58.19 on August 20 in intraday trading hours, down 2% from the previous close of $59.51. However, the share price reversed track and closed at $62.89, adding more than 5% in its previous session. The surge came in days after its first day of trading on the New York Stock Exchange. However, amid the intraday dip, Ark Invest increased its stake in the company. The ARK Innovation ETF, run by Cathie Wood, disclosed ownership of 1,165,397 shares, valued at about $73.85 million. On August 19, Ark Invest bought 356,346 shares, worth about $21.2 million at the close of trading. Ark Invest had already taken a large position in Bullish. On its first trading day, the firm spread more than 2.5 million shares across three of its exchange-traded funds. The latest purchase showed Ark’s continued interest in the stock, even as prices moved lower. Bullish is the parent company of CoinDesk, a crypto news outlet. The company raised $1.15 billion in its initial public offering. It sold about 20.3 million shares at $37 each. The listing marked one of the largest recent debuts in the crypto sector. IPO Proceeds Paid in Stablecoins Bullish announced that it received all IPO proceeds in stablecoins instead of cash. The exchange said the $1.15 billion settlement marked the first time a U.S. IPO was paid in this way. Most of the proceeds were in USDC, a dollar-backed stablecoin issued by Circle. Part of the total came in EURC, Circle’s euro-backed version. Coinbase was named as the custodian for the digital assets. Jefferies acted as the billing and delivery agent for the offering. The firm handled the minting, conversion, and delivery of the stablecoins. Most of the transactions took place on the Solana blockchain, which is known for faster processing speeds and lower costs compared with other networks. Bullish also accepted smaller amounts of other stablecoins. These included Ripple’s RLUSD, PayPal’s PYUSD, and Agora’s AUSD. Tokens from Societe Generale-FORGE, Global Dollar, World Liberty Financial, and AllUnity were also part of the settlement. Chief Financial Officer David Bonanno said the exchange viewed stablecoins as a practical tool for global transfers. He noted that using digital tokens allowed the company to move funds quickly and securely. Ark Adds More Robinhood Shares Along with Bullish, Ark Invest increased its stake in Robinhood, another company tied to digital assets. On August 20, Ark bought 150,908 shares of Robinhood, valued at about $16.2 million. The stock closed the day at $107.50. This was the third straight trading day Ark purchased Robinhood shares. On August 19, the firm added $14 million, followed by $9 million on August 16. The consistent buying showed Ark Invest’s interest in expanding positions in firms linked to the crypto sector. Robinhood has become one of the firm’s most frequent crypto-related holdings. Its trading app has been widely used by retail investors to buy cryptocurrencies, in addition to stocks and exchange-traded funds. Bullish’s share price has moved sharply since its debut, revealing mixed investor sentiment. Ark Invest’s latest purchases showed continued institutional interest in both Bullish and Robinhood as the crypto market worked through a period of recovery. The post Bullish Stock Soars, Ark Invest Buys the Dip as Crypto Recovery Looms appeared first on The Coin Republic.