MetaMask, the self-custodial wallet developed by Consensys, has launched Money Account, a new product designed to let users earn yield on deposits of its stablecoin, MetaMask USD (mUSD), while providing easy access to funds through a blockchain-based spending card. This offering delivers a variable annual percentage yield of up to 4% on eligible stablecoin holdings in supported jurisdictions.
Unlike traditional interest payments, the yield comes from decentralized finance (DeFi) lending strategies rather than issuer payouts. The mUSD stablecoin is backed one-to-one by US dollar reserves and short-term Treasury bills managed by Bridge, a Stripe company, ensuring full collateralization without yield obligations by the issuer. Separately, the Money Account routes deposited funds through on-chain vault provider Veda, which channels capital into established DeFi platforms like Aave and Morpho to generate returns for users.
MetaMask’s senior product director explained that this dual-structure separates the stablecoin’s backing from how yield is produced, emphasizing that interest is earned through active DeFi protocol lending rather than from the stablecoin issuer.
The Money Account feature launched worldwide except for users in the United Kingdom, European Union member states, and other sanctioned regions. While the self-custodial MetaMask wallet itself does not enforce Know Your Customer (KYC) requirements, accessing regulated services—such as fiat on-ramps or the MetaMask Card—does require KYC, which is handled by third-party providers connected to those regulated functions.
Users can hold mUSD and start earning yield immediately with a simple interface, and funds become available for spending instantly. This initiative arrives less than a year after MetaMask introduced the native mUSD stablecoin, which briefly reached a market capitalization of over $100 million before declining to below $30 million according to CoinGecko data.