mStable USD
Stablecoin Profile
mStable USD (MUSD) is a crypto-collateralised stablecoin: users mint MUSD by locking other crypto assets as over-collateral, with $3.2M currently in circulation across 3 blockchain networks. The USD peg is maintained through liquidation auctions when collateral value falls below required thresholds. Price feed sourced via defillama.
About mStable USD (MUSD)
mUSD is USD-pegged cryptoasset on Ethereum and Polygon backed by a basket of selected USD stablecoins.
Using the mStable app, users can swap an accepted stablecoin to mint mUSD 1:1. mUSD can be redeemed for another stablecoin 1:1 at any time.
Recent supply activity
mStable USD (MUSD) supply was unchanged in the last 24 hours, expanded by $0 over the past week, and contracted by $44.8 over the past 30 days.
Steady issuance: supply has held roughly flat (-0.00% over 30 days), consistent with mature stablecoin liquidity dynamics.
Supply History
Network distribution
mStable USD circulates across 3 blockchain networks. Ethereum hosts the largest share at 89.59%, followed by Polygon at 10.34%. Cross-chain distribution has remained broadly stable over the past 30 days.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | $2.9M | 89.59% | 0.00% | 0.00% |
| Polygon | $332.3K | 10.34% | 0.00% | -0.01% |
| Gnosis | $2.5K | 0.08% | 0.00% | 0.00% |
Peg stability history
As a crypto-collateralised stablecoin, mStable USD (MUSD) maintains its 1.00 USD target by holding excess on-chain collateral and routing redemptions through automated liquidation auctions. Spot price is currently $1.0022 (+0.222%); short-term excursions are normal in this range are typically arbitraged away within hours via the protocol's open mint/redeem mechanics.
How crypto-collateralised stablecoins defend their peg
Crypto-collateralised stablecoins like this one over-collateralise positions — borrowers must lock more than $1.00 of crypto for each $1.00 of stablecoin minted. If collateral value falls below the required ratio, the position is automatically liquidated in an open Dutch auction. Arbitrageurs can always mint and redeem against the protocol's contracts, which keeps the secondary-market price tightly bounded around $1.00. The main residual risks are sudden crypto-collateral crashes that outpace the liquidation engine, and oracle failure.
Practical implications for holders
- Collateral volatility is the dominant risk: a fast drawdown in the collateral asset can outpace liquidation auctions and leave the protocol under-collateralised.
- Oracle risk: the protocol relies on price feeds (typically Chainlink or a multi-oracle setup). Oracle manipulation or delay during volatile markets has historically caused peg excursions.
- Governance risk: parameter changes (collateral types, liquidation ratios, debt ceilings) are decided by token-holder votes. Sudden governance attacks remain a tail risk.
- On-chain transparency is a major advantage — collateral is verifiable 24/7 without trusting an attestor.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (crypto-collateralised) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
mStable USD (MUSD) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0xe2f2a5c287993345a840db3b0845fbc70f5935a5 | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare mStable USD to other crypto-collateralised stablecoins
Below are the largest crypto-collateralised stablecoins tracked on Mantapex alongside mStable USD (MUSD). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Sky Dollar (USDS) | $8.4B | crypto-backed | 6 |
| Ethena USDe (USDe) | $5.9B | crypto-backed | 23 |
| Dai (DAI) | $4.6B | crypto-backed | 48 |
| Falcon USD (USDf) | $1.6B | crypto-backed | 2 |
| USDD (USDD) | $1.1B | crypto-backed | 4 |
Across mechanism classes
If you're researching MUSD as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
mStable USD (MUSD) is tracked across major crypto data providers. The links below open mStable USD (MUSD)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent mStable USD news
Latest reporting from major crypto news outlets covering mStable USD.
- Finbold
Mezo's MEZO and MUSD go live on Bullish Exchange
Bitcoin-native lending protocol Mezo has listed its MEZO governance token and MUSD stablecoin on Bullish Exchange, an institutional digital asset platform operated by Bullish…
- Blockonomi
Mercado Pago Discontinues Mercado Coin in Favor of MUSD Stablecoin
Latin America's leading fintech platform Mercado Pago has announced the termination of its Mercado Coin initiative, pivoting instead to a stablecoin-based rewards system. This…
- Crypto news
Mezo leans on Aerodrome's veAERO flywheel to grow MEZO and MUSD on Base
Mezo will stream 2.25% of MEZO supply to Aerodrome's veAERO voters over 30 days, betting Base's vote-escrow whales can bootstrap deep MEZO and MUSD liquidity for Bitcoin DeFi.
- The Daily Hodl
Crypto Wallet Giant MetaMask Tops Santiment's New Development Activity Rankings – Here Are the Other High-Scoring Projects
The crypto wallet provider MetaMask has taken the top spot in Santiment's latest rankings for overall development activity, according to new data from the blockchain analytics…
- Crypto Economy
MetaMask's mUSD Sees 4x Growth in First Week After Launch
TL;DR Growth surge: MetaMask's mUSD supply expanded from $15 million at launch to $65 million within a single week, marking a fourfold increase that highlights strong user demand…
- Coinspeaker
MetaMask Stablecoin mUSD Breaks Supply Milestone in 7 Days: Details
MetaMask's mUSD stablecoin has seen its circulating supply jump from 15 million to 65 million within 7 days.
- The Block
MetaMask's mUSD stablecoin tops $65 million supply a week after launch
MetaMask's mUSD saw its circulating supply rise to 65.6 million as of early Monday morning, up from about 15 million a week earlier.
- Coingape
MetaMask to Integrate Hyperliquid's Perpetuals In-Wallet Following mUSD Launch
Crypto wallet MetaMask looks set to integrate Hyperliquid's perpetuals trading on its platform. This development follows the wallet's rollout of its mUSD stablecoin and amid plans…
Related stablecoins
Stablecoins comparable to mStable USD by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other crypto-backed stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.