Mezo USD (MUSD) is a crypto-backed US dollar stablecoin. It has about $29.8M in circulation, ranking #94 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
MUSD price
$0.9883
Slightly off peg Circulating supply
$29.8M
30-day change
-1.4%
Price
$0.9883
Blockchains
2
Tracked since
Sep 2025
What is MUSD?
Mezo USD (MUSD) is a crypto-backed US dollar stablecoin. It has about $29.8M in circulation, ranking #94 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: MUSD is a permissionless stablecoin 100% backed by Bitcoin reserves and designed to maintain a 1:1 peg with the U.S. dollar.
MUSD supply history
$32.7M$0
Oct 8, 2025Oct 8, 2026
$32.5M$0
Sep 13, 2025Oct 8, 2026
MUSD supply fell 1.4% over the past 30 days, to $29.8M. Its peak was $31.8M in July 2026, and supply is 6% below that high.
Is MUSD holding its peg?
Last price
$0.9883
Target
1.0000 USD
Status
Slightly off pegMUSD is trading 0.5–2% from its target. Small coins often drift like this on thin markets. A gap that persists usually reflects redemption friction or doubts about the backing.
Where MUSD lives: supply by blockchain
Supply is concentrated: Mezo holds 97% of all MUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How MUSD is backed
MUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: MUSD uses a CDP (collateralized debt position) model. Every outstanding MUSD is redeemable for Bitcoin. $1 in BTC collateral can be used to mint 1 MUSD.
Reserve reports and audits: mezo.org
MUSD risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Small and thinly traded
With $29.8M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Currently off peg
At the last update MUSD traded at $0.9883 against a target of 1.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
MUSD vs USDT and USDC
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MUSD FAQ
What is MUSD?
Mezo USD (MUSD) is a crypto-backed US dollar stablecoin. It has about $29.8M in circulation, ranking #94 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is MUSD pegged 1:1 to the US dollar?
MUSD targets 1 USD. At the last update it traded at $0.9883, a deviation of -1.17%, which we classify as "slightly off peg".
What backs MUSD?
MUSD is a crypto-backed stablecoin. MUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is MUSD on?
MUSD is live on 2 blockchains. The largest by supply are Mezo ($29.2M), Ethereum ($892K).
How much MUSD is in circulation?
About $29.8M of MUSD was in circulation at the last update, -1.4% over 30 days. That makes it the #94 stablecoin by supply among those we track.
Is MUSD safe?
No stablecoin is risk-free. As a crypto-backed design, MUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "slightly off peg" on our peg monitor. This page is information, not investment advice.