[TEMP CHECK] Proposal to List MetaMask USD (mUSD) as a Collateral and Borrowable Asset in Euler Markets on Ethereum
Author: @IgorTeslya Xavier Vera (https://x.com/xdefi0x), Michiel Milanovic
Created: [2025-08-29]
## Summary
The proposal aims to onboard MetaMask mUSD stablecoin to Euler Prime markets on Ethereum
# Motivation
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**MetaMask USD (**mUSD) is designed to act as connective tissue across MetaMask - making it easier to ramp, swap, bridge, and spend in one seamless flow. Upcoming integrations will extend that foundation, with greater composability across MetaMask products.
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mUSD is fully backed by US dollars and short-term treasury bonds, with Bridge acting as an issuer and M^0 acting as the infrastructure provider.
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mUSD will enable users to leverage MetaMask’s liquidity and reputation while contributing to Euler’s lending and borrowing functionalities. The initial launch of mUSD is expected to benefit from major integrations across the DeFi ecosystem and attract more mainstream users, contributing to the growth and adoption of the Euler platform.
# Specification
Contract addresses: 0xacA92E438df0B2401fF60dA7E4337B687a2435DA
On-chain liquidity: Will be updated in September 2025 to confirm X M deployment to Euler Swap.
# Risk Parameters
Risk parameters will be provided by Gauntlet as soon as possible.
# Disclosure
N/A
# Next Steps
Upon approval, Gauntlet will run risk modeling and finalize parameters for mUSD’s inclusion in Euler.