MetaMask launched its USD-backed stablecoin mUSD today, marking the popular crypto wallet’s entry into the stablecoin market.

The digital asset, officially called MetaMask USD and trading under the ticker mUSD, went live according to an announcement from the company. MetaMask, owned by Consensys, serves as one of the most widely used Ethereum wallets with millions of users globally.

The launch adds another competitor to the crowded stablecoin space, where Tether’s USDT and Circle’s USDC currently dominate trading volumes. MetaMask’s existing user base could provide immediate adoption for the new token.