VISI.NEWS | BANDUNG – MetaMask, the world’s largest crypto wallet platform, is reportedly preparing to collaborate with the global payments giant, Stripe, to launch a US dollar-based stablecoin.

The move has sparked concerns and debate within the crypto community, especially around issues of centralization and off-chain transactions.

The stablecoin, dubbed “MetaMask USD” (mmUSD), is expected to be issued and settled off-chain outside of traditional blockchain networks.

According to early reports, the coin will operate through the M-Zero network, along with other third-party infrastructures yet to be disclosed.

Critics worry that launching a centralized stablecoin through a payment platform like Stripe could contradict the very ethos of decentralization that MetaMask was built upon. Questions are also being raised about how the stablecoin will be regulated, what security measures will be in place, and how much control MetaMask and Stripe will have over user assets.

Some see this as a smart strategic move for wider adoption and mainstream integration. However, others fear this is a slippery slope that could turn MetaMask into another financial intermediary just like the traditional banks crypto was meant to disrupt.

As of now, no official launch date has been announced, but both companies have confirmed ongoing development efforts behind closed doors.

Not financial advice do your own research

@gvr