Self-custody platform MetaMask has launched a Money Account that lets users deposit its stablecoin mUSD and receive up to 4 percent variable annual percentage yield (APY).

Cointelegraph, a blockchain media outlet, reported on June 30 that the service is designed to add yield to deposited mUSD balances while allowing users to spend by card when needed.

The service is a new product from MetaMask, a non-custodial wallet developed by Consensys. MetaMask said eligible users in its jurisdictions can receive up to 4 percent variable APY on qualifying stablecoin deposits through the Money Account. The card payment function is available only on the Monad blockchain.

Consensys Chief Executive Joseph Lubin (조 루빈) said users start earning yield on their balance as soon as they deposit funds and can spend immediately when needed. MetaMask highlighted linking deposits and spending within a single account.

The yield structure differs from interest paid by a stablecoin issuer. Johann Bornman (요한 보른만), MetaMask's senior director for product, explained that the yield comes from DeFi lending strategies. He said the collateral structure of mUSD reserves and the yield users receive are structurally separated, and that returns come from DeFi protocol activity rather than the issuer.

The structure is split into two stages. First, Bridge, a Stripe affiliate, holds dollar reserves and short-term Treasuries backing mUSD one-to-one. At this stage, the issuer does not pay holders separate returns. After a user adds funds to the Money Account, on-chain vault provider Veda receives the funds and allocates them to lending protocols such as Aave and Morpho. MetaMask generates DeFi yield in the process.

The structure also ties into discussions in the United States over regulation of yield-bearing stablecoins. In the United States, debate continues over the Clarity bill, which includes provisions limiting paying interest or returns for holding payment stablecoins. MetaMask separated the two mechanisms by choosing DeFi operating returns instead of issuer-paid interest.

The service is also limited by region. MetaMask will roll out the Money Account globally in stages but excludes the United Kingdom, European Union member states and sanctioned regions. The non-custodial wallet itself does not require know-your-customer procedures, but exceptions apply to functions connected to regulated services. Bornman said the Money Account itself allows users to hold mUSD and earn returns with a single button without KYC, while verification procedures for functions connected to regulated services such as fiat deposits and the MetaMask card are handled by third-party providers.

The launch comes less than a year after MetaMask officially launched the in-wallet stablecoin mUSD in September 2025. Based on CoinGecko, mUSD's market capitalisation briefly exceeded $100 million shortly after launch but later fell below $30 million. Its current market capitalisation is about $32 million.

MetaMask is seeking to broaden mUSD use from holding to deposits and payments through the Money Account. But with the service limited by region and card use restricted to the Monad blockchain, the pace of adoption is expected to depend on availability and demand for DeFi yield.

It’s time to turn your money on. Introducing the MetaMask Money Account. pic.twitter.com/9p2bKlYIjo