#稳定币市场竞争 MetaMask has launched the stablecoin mUSD, which will undoubtedly impact the landscape of the stablecoin market. From the data perspective, mUSD has strong liquidity and incentive mechanisms on the Linea network, which helps to quickly build a user base. It is worth noting that mUSD is deeply integrated with the MetaMask ecosystem, being natively supported in Swap and Bridge, which will greatly enhance the user experience. Another key point is the low cost of fiat on-ramp, which may attract more TradFi users. However, it is still necessary to closely monitor the market acceptance and actual application scenarios of mUSD. We will continue to track on-chain data, analyze the flow of funds and contract interactions, to assess its potential impact on mainstream stablecoins like USDT and USDC.