Crypto Currents: MetaMask and Stripe partner on new stablecoin

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METAMASK AND STRIPE PARTNER ON NEW STABLECOIN: According to a report from Bloomberg, crypto wallet provider MetaMask is launching its own stablecoin in partnership with payments giant Stripe. The stablecoin, called MetaMask USD ($mUSD), will be issued by Stripe’s stablecoin arm, Bridge, which will also manage compliance and reserve management. The token will be minted using on-chain infrastructure from the decentralized stablecoin platform M0.

MetaMask, which is developed by the ethereum-focused software company Consensys, has more than 100M annual users. The mUSD stablecoin will initially be available on the ethereum and linea blockchains. The plan is to integrate mUSD directly into the MetaMask wallet for spending and transacting across the Web3 ecosystem. By the end of the year, users are expected to be able to spend mUSD through the MetaMask card, which is accepted anywhere in Mastercard’s (MA) network.

TRUMP-LINKED WORLD LIBERTY FINANCIAL MINTS $205M IN STABLECOINS: World Liberty Financial, a decentralized finance project connected to the Trump family, minted $205M worth of its World Liberty Financial USD (USD1) stablecoin. The issuance boosted the token’s total supply to a record high of $2.4B. The move came just hours after a speech by Federal Reserve Governor Christopher Waller in which he praised stablecoins for their potential to extend the international role of the U.S. dollar. Since its launch in April, USD1 has become the sixth-largest stablecoin by market capitalization. The minting has increased World Liberty Financial’s treasury holdings to a new high of $548M.

COINBASE CEO PREDICTS BITCOIN WILL HIT $1M BY 2030: Coinbase (COIN) CEO Brian Armstrong has predicted that bitcoin (BTC), could reach a price of $1M by 2030. Speaking on the Cheeky Pint podcast, Armstrong cited growing regulatory clarity in the U.S. and increasing institutional demand as key drivers for his bullish forecast. He noted that the recent passage of pro-crypto legislation, like the GENIUS Stablecoin Act, is removing uncertainty that has previously clouded the industry’s outlook. Armstrong’s prediction aligns with other notable industry figures, including Strategy’s (MSTR) Michael Saylor and ARK Invest’s Cathie Wood, who have projected that bitcoin will reach $1M or more by 2030.

ETHEREUM TREASURIES SURPASS $17B: The value of ether (ETH) held in corporate and institutional treasuries has surpassed $17B, according to a report from The Block. On-chain data shows that 69 different entities collectively hold over 4.1M ETH, valued at approximately $17.6B. This represents about 3.39% of the total ETH supply. The largest holder is BitMine Immersion (BMNR), which has shifted its focus from bitcoin mining to ether accumulation and now holds roughly 1.5M ETH worth $6.6B. SharpLink Gaming (SBET) is the second-largest holder with approximately 740,800 ETH.

OTHER CRYPTO NEWS:

• DBS launched tokenized structured notes on the ethereum blockchain. The move is designed to make the traditionally high-barrier investment products more accessible by issuing them in smaller, $1,000 denominations for accredited and institutional investors.
• Hip-hop artist Kanye West apparently launched a solana-based (SOL) cryptocurrency called Yeezy Money (YZY). According to The Block, the token’s market capitalization reached around $2B shortly after its announcement on X, though the launch was met with immediate suspicion of insider trading.
• Australian authorities have uncovered a sophisticated, $123M crypto money laundering scheme, according to Cointelegraph. The 18-month investigation revealed that a criminal organization used a cash-in-transit security company and a classic car dealership as fronts to launder illicit funds before converting them into cryptocurrency.
• Bitcoin miner Bitdeer (BTDR) plans to expand its U.S. rig manufacturing operations. The company’s Q2 earnings showed increased revenue of $155.6M but also a net loss of $147.7M.

PRICE ACTION: As of time of writing, bitcoin (BTC) was trading at $112,963.62, while ether (ETH) was trading at $4,245.43.