A governance proposal inadvertently exposed plans for a new USD-backed stablecoin, mmUSD, developed in conjunction with financial services firm Stripe and Ethereum wallet provider MetaMask.

Yahoo Finance reports that the token is designed to serve as a central trading asset within MetaMask’s ecosystem. The deleted document indicated that mmUSD would be integrated into various features, including swapping, buying and selling functionalities, and yield-generating options. This proposal was posted on Aave’s governance forum but was promptly removed following its release. Officials from Aave verified the authenticity of the information, explaining that it was inadvertently shared before final approval.

Expansion in Stablecoin Market

The stablecoin sector has witnessed significant growth in 2025, with market valuations from DefiLlama reaching over USD 268 billion. Citigroup analysts forecast the market to expand to USD 3.7 trillion within five years, while other projections suggest a potential market size of USD 2.5 trillion sooner.

Major players in finance and technology are showing increasing interest in this domain. PayPal operates a stablecoin worth nearly USD 1 billion, and both Robinhood and Revolut are exploring similar projects. Stripe, MetaMask’s new partner, previously acquired the stablecoin project Bridge for over USD 1 billion in 2024.

Last week, MetaMask and Aave announced a partnership that allows wallet users to access yields from Aave’s stablecoin lending pools directly through the MetaMask mobile app. M^0 Foundation officials did not comment on the newly revealed token, while Stripe declined to respond to inquiries.

Spokespeople from Consensys, MetaMask’s parent company, stated that they are continuously assessing ways to enhance the wallet experience but avoided commenting on the stablecoin speculation.