A governance proposal inadvertently exposed plans for a new USD-pegged stablecoin from MetaMask, now in collaboration with Stripe.

The token has been named mmUSD and is intended to serve as a key trading pair within MetaMask’s services. The leaked proposal indicated that the stablecoin would be integrated across various features including swaps, buying and selling functions, and yield-earning options. This information was shared on Aave’s governance forum before being promptly removed. Aave representatives confirmed the authenticity of the document, stating it had been prematurely disclosed.

Stablecoin Growth and Industry Interest

The stablecoin market has experienced significant expansion in 2025. According to data from DefiLlama, the sector is currently valued at over USD 268 billion, with Citigroup analysts projecting a rise to USD 3.7 trillion within five years. Other forecasts suggest that the market could reach USD 2.5 trillion earlier.

Major financial and technology companies have shown increasing interest in this space. PayPal operates a stablecoin with nearly USD 1 billion in value, while Robinhood and Revolut are also exploring similar projects. Stripe, MetaMask’s new partner, previously acquired the stablecoin project Bridge for more than USD 1 billion in 2024.

Last week, MetaMask and Aave announced a partnership that allows wallet users to access yields from Aave’s stablecoin lending pools directly through the MetaMask mobile application. M^0 Foundation representatives did not comment on this newly revealed token, nor did Stripe respond to inquiries.

Consensys officials stated they are constantly evaluating ways to enhance the wallet experience but declined to address any speculation regarding this stablecoin.