If you're into meme tokens or just keeping tabs on the latest in DeFi, you've probably heard the buzz around MetaMask's new stablecoin. Recently, the folks at DefiLlama dropped a tweet announcing they're now tracking MetaMask USD (mUSD) on their Fees & Revenue Dashboard. And the numbers? They're already looking pretty solid, with annualized fees and revenue clocking in at $1.76 million. Let's break this down and see what it means for the crypto world, especially for those of us chasing the next big meme coin.

What's MetaMask USD All About?

MetaMask USD, or mUSD for short, is a fresh stablecoin pegged to the US dollar. Launched in September 2025 by MetaMask—the go-to wallet for millions of Ethereum users—it's designed to make handling crypto smoother right inside your wallet. Unlike some stablecoins that feel tacked on, mUSD is native to MetaMask, meaning you can swap, on-ramp fiat, and even spend it without jumping through hoops.

What sets it apart? It's issued through Bridge (a company backed by Stripe) and powered by the M0 platform. Fully backed by short-term US Treasuries and cash reserves, it's all about stability and trust. No wild price swings here—just a reliable way to hold USD value in your crypto portfolio. For more details on the launch, check out MetaMask's official announcement.

The Fee Surge: What the Data Shows

DefiLlama's dashboard is a treasure trove for tracking protocol performance, and mUSD's entry is no exception. According to the latest metrics, daily fees are sitting at around $9,413, with weekly figures at $51,800 and monthly at $144,610. That annualizes to a cool $1.76 million, and the cumulative fees are already over $144,000 since launch.

Looking at the chart in DefiLlama's tweet, you can see a clear uptick starting in late September, with bars shooting up through October. This growth suggests increasing adoption—people are actually using mUSD for transactions, swaps, and more. Revenue mirrors these fees exactly, which makes sense for a stablecoin issuer where fees directly translate to earnings. Head over to MetaMask USD on DefiLlama to dive into the full data yourself.

How This Ties into Meme Tokens

Now, why should meme token enthusiasts care? MetaMask is the wallet of choice for trading hot memes on Ethereum, Solana, and other chains. With mUSD baked right in, on-ramping fiat to buy that next viral token just got easier. Imagine converting your dollars to mUSD seamlessly, then swapping straight into a meme coin without leaving the app or dealing with high gas fees from external transfers.

This integration could pump more liquidity into the meme ecosystem. Lower friction means more retail investors jumping in, potentially fueling those wild pumps we all love (or hate). Plus, as mUSD gains traction, we might see meme projects pairing with it for liquidity pools or even airdrops tied to wallet usage. It's a win for blockchain practitioners looking to level up their game—faster, cheaper access to DeFi tools that enhance meme trading strategies.

If you're building or trading memes, keeping an eye on stablecoins like mUSD is key. They provide the stable base that lets volatile assets shine.

For the original scoop, here's DefiLlama's tweet. What do you think—will mUSD become the new go-to for wallet-based stablecoins? Drop your thoughts in the comments below!