MetaMask, a self-custodial wallet developed by Consensys, is launching a new product that it says lets users earn yield on its MetaMask USD (mUSD) stablecoin and spend it via a card exclusively on the Monad blockchain.<\/p>\n
The company on Tuesday announced the launch of Money Account, a product it says offers up to 4% variable annual percentage yield (APY) on eligible stablecoin deposits in supported jurisdictions.<\/p>\n
\u201cYour balance earns the moment you add funds, and you can spend the moment you need to,\u201d Consensys CEO Joe Lubin said in a statement seen by Cointelegraph.<\/p>\n
The launch comes amid ongoing debate over yield-bearing stablecoin products in the US, where the CLARITY Act<\/a> includes provisions restricting the payment of interest or yield on payment stablecoins when tied to holding.<\/p>\n Money Account generates yield through decentralized finance (DeFi) lending strategies rather than issuer-paid interest, MetaMask senior director of product Johann Bornman told Cointelegraph.<\/p>\n The system relies on two entirely separate mechanisms, separating how the stablecoin is backed from how yield is generated, Bornman said.<\/p>\n A preview of MetaMask\u2019s Money Account. Source: ConsenSys<\/em><\/p>\n The first mechanism involves stablecoin backing. Bridge, a Stripe company, holds US dollar reserves and short-term Treasury bills that back mUSD on a 1:1 basis. Under this structure, the issuer does not pay any yield to holders.<\/p>\n The second mechanism is the DeFi yield layer. When users deposit into a Money Account, funds are routed through onchain vault provider Veda, which allocates capital into established lending protocols such as Aave and Morpho.<\/p>\n \u201cSimply put, mUSD\u2019s reserve backing and the yield users earn are structurally separate,\u201d Bornman said, adding: \u201cThe yield doesn\u2019t come from the issuer, it comes from DeFi protocol activity.\u201d<\/p>\n The Money Account is rolling out globally on Tuesday, except in the United Kingdom, European Union member states and sanctioned jurisdictions, Bornman said.<\/p>\n As MetaMask operates a self-custodial wallet, the platform itself does not require Know Your Customer<\/a> checks, but KYC is required for any features that interact with regulated services, including fiat on-ramps and the MetaMask Card.<\/p>\n Related: <\/strong><\/em>Trezor adds native USDt, USDC yield via Morpho integration<\/strong><\/em><\/a><\/p>\n \u201cMoney Account itself does not require KYC, users can hold mUSD and earn yield with the click of a button,\u201d Bornman said. \u201cWhere KYC is required, those checks are carried out by third-party providers that operate those regulated services, not by MetaMask,\u201d he added.<\/p>\n The launch comes less than a year after MetaMask officially launched<\/a> its wallet-native mUSD stablecoin in September 2025.<\/p>\n MetaMask USD (mUSD) market capitalization since launch. Source: CoinGecko<\/em><\/p>\n The stablecoin\u2019s market capitalization briefly peaked above $100 million shortly after launch before slipping below $30 million, according<\/a> to CoinGecko data.<\/p>\n At the time of writing, mUSD\u2019s market cap stood at $32 million, placing it among smaller US dollar-pegged stablecoins by market size.<\/p>\nYield engine powered by DeFi vaults<\/h2>\n
KYC and availability: EU and UK among restricted geos<\/h2>\n
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