MetaMask’s mUSD, the European Union’s digital euro initiative, and Hong Kong’s offshore yuan token AxCNH set up a three-way contest for on-chain payments.

The prize is not trading volume or speculative flows, it is the share of real-world settlement that could reach $2 to $4 trillion annually if 1 to 2 percent of global cross-border payments move to tokenized rails.

According to the IMF and industry research, such as McKinsey, the addressable base for cross-border activity ranges in the hundreds of trillions of dollars, depending on scope, making even low single-digit penetration material on a one-year to two-year horizon.

US dollar holds significant stablecoin advantage

Dollar rails have the immediate advantage because distribution is already embedded in retail and developer workflows. mUSD ships inside MetaMask, is issued through Stripe’s Bridge, and uses M0 for on-chain mechanics. Reserves are structured for 1:1 backing and reporting.

The product launched in mid-September 2025 on Ethereum and Linea with wallet-level issuance and redemption that connects to existing card and merchant pathways.

The combination puts issuance, spend, and on and off-ramps in the same user interface and developer stack, a configuration that can compress settlement steps without introducing new front

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Author: Liam ‘Akiba’ Wright