MetaMask, developed by Consensys, is launching a new product that will allow users to earn yield on the MetaMask USD (mUSD) stablecoin and spend funds using a card. The service will operate exclusively on the Monad network.
On Tuesday, the company announced the launch of the Money Account. According to the developers, the product offers up to 4% annual yield on stablecoin deposits for users in supported jurisdictions.
“The balance starts earning yield immediately after funding, and funds can be spent at any time when needed,” said Consensys CEO Joseph Lubin.
The launch of the new product comes amid ongoing discussions around yield-bearing stablecoins in the US. In particular, the CLARITY Act contains provisions that limit the payment of interest and other yields on payment stablecoins if it is directly related to their storage.
Yield Is Generated Through DeFi Vaults
Yield in the Money Account is generated through decentralized finance (DeFi) strategies, rather than interest paid by the stablecoin issuer. This was explained by MetaMask’s senior product director Johann Bornman.
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According to him, the system is built on two completely independent mechanisms. One is responsible for backing the stablecoin, and the other for generating yield for users.
The first mechanism is related to stablecoin backing. The company Bridge, owned by Stripe, holds US dollar reserves and short-term US Treasury bonds US, which back mUSD at a 1:1 ratio. With this model, the issuer does not pay any yield to users.
The second element of the system is the DeFi layer responsible for generating yield. When a user funds the Money Account, the funds are routed through the on-chain platform Veda, which allocates capital among major lending protocols, including Aave and Morpho.
“Simply put, mUSD backing and the yield users receive exist separately from each other,” Bornman explained.
“The yield does not come from the stablecoin issuer, but is generated through activity within DeFi protocols,” he added.
The United Kingdom Not Included in List of Supported Countries
According to Bornman, Money Account is launching in several countries, but with restrictions. Users from the United Kingdom and sanctioned jurisdictions will not be able to access the service.
MetaMask remains a non-custodial wallet, so the platform itself does not require users to complete KYC. However, identity verification is necessary when using services subject to regulation, including buying cryptocurrency with fiat and the MetaMask card.
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“You do not need to complete KYC to use Money Account. Users can store mUSD and earn yield literally in one click,” Bornman noted.
“If identity verification is still required, it is carried out by third-party companies that provide regulated services, not by MetaMask itself,” he added.
The launch of Money Account took place less than a year after the official release of the mUSD stablecoin, which MetaMask introduced in September 2025.
MetaMask USD (mUSD) market capitalization since launch. Source: CoinGecko.
According to CoinGecko, interest in mUSD quickly cooled after launch. At first, the stablecoin’s capitalization rose above $100 million, but then dropped below $30 million.
At the time of publication, the figure was around $32 million. Compared to the largest dollar stablecoins, mUSD still appears to be a small asset.
