MetaMask Pushes Closer to MASK Token Debut, mUSD Tops $53.4M

Consensys CEO and Ethereum co-founder Joe Lubin says MetaMask’s highly anticipated MASK token is coming sooner than you think.

Written by: Arslan Butt • Friday, September 19, 2025 • 2 min read

• Last updated: Friday, September 19, 2025

Quick overview

MetaMask's MASK token is set to launch soon, focusing on decentralization and rewarding active users.
The new MetaMask USD (mUSD) stablecoin aims to simplify crypto adoption and has quickly reached a market cap of $53.4 million.
MASK token will enable decentralized governance and enhance user engagement within the MetaMask ecosystem.
Integrations with the Linea Layer-2 blockchain will provide additional rewards and functionality for MetaMask users.

Consensys CEO and Ethereum co-founder Joe Lubin says MetaMask’s highly anticipated MASK token is coming sooner than you think. The token will decentralize key features of the MetaMask wallet and reward early adopters and active users. While full tokenomics are still unknown, Lubin mentioned the synergy with MetaMask’s Layer-2 Linea blockchain, an EVM-compatible zero-knowledge rollup.

MetaMask co-founder Dan Finlay said once the token launches it will be promoted directly in the wallet and will benefit from a favorable regulatory environment. Lubin added, “MetaMask and Linea are cooking somETHing together to make this happen” implying integrations and rewards across Consensys protocols.

Token focus: Decentralization and user rewards
Early access: Likely for active MetaMask users
Launch platform: Linea Layer-2 blockchain

mUSD is First Wallet Stablecoin

MetaMask just launched its native stablecoin, MetaMask USD (mUSD), the first stablecoin issued by a self-custodial wallet. Powered by Bridge, a Stripe company, and M0’s decentralized stablecoin infrastructure, mUSD is available on both Ethereum and Linea networks.

The stablecoin aims to simplify crypto adoption by making on-ramping, holding, earning and spending easier. Since launch mUSD has grown to a market cap of $53.4 million and trading volume is up 52% in the last 24 hours.

Market cap: $53.4 million
Trading growth: +52% in 24 hours
Use cases: Earning, spending and holding in wallet

MASK Token Adoption

The launch of mUSD and the upcoming MASK token puts MetaMask as a self-custodial platform with financial tools built in. Analysts think mUSD adoption will be the foundation for MASK token engagement and will incentivize users within the MetaMask ecosystem.

Lubin said the MASK token will provide decentralized governance and potentially allow users to vote on MetaMask protocol decisions. The collaboration with Linea will unlock more rewards and make the wallet more functional across Consensys and partner platforms.

Decentralized governance
Early user rewards
Linea Layer-2 ecosystem integration
MetaMask is going full wallet-native.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.