Phantom's stablecoin CASH reached over $100 million in supply just two months after its launch, driven by new features and incentives. The wallet introduced a fee-free Cash Account and partnered with Kamino for a growth initiative, boosting transactions significantly. In contrast, MetaMask's mUSD briefly hit the same milestone but has since declined to about $25 million.

MetaMask is set to introduce the mUSD stablecoin, designed to enhance user experience on Ethereum and its Linea network. This innovative stablecoin will be natively integrated into the MetaMask wallet, aiming to facilitate various functions such as ramping, swapping, and spending. Details regarding the launch date and issuance size are yet to be confirmed.

MetaMask has introduced a new feature called Stablecoin Earn, allowing users to earn passive income by depositing stablecoins like USDC, USDT, or DAI into the Aave lending protocol directly within the MetaMask Mobile App. Users can withdraw their earnings anytime with no additional fees, maintaining full control over their assets without any lock-in period.

MetaMask's newly launched mUSD stablecoin has quickly increased its circulating supply to $65 million, a significant rise from $15 million just a week earlier. The stablecoin, backed 1:1 by dollar-equivalent assets, is primarily deployed on the Linea network. As the stablecoin market grows, mUSD's emergence follows recent regulatory developments in the U.S.