mStable USD (MUSD) is a crypto-backed US dollar stablecoin. It has about $3.0M in circulation, ranking #169 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
MUSD price
$0.9930
Slightly off peg Circulating supply
$3.0M
30-day change
-6.5%
Price
$0.9930
Blockchains
3
Tracked since
Jul 2020
What is MUSD?
mStable USD (MUSD) is a crypto-backed US dollar stablecoin. It has about $3.0M in circulation, ranking #169 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
In the issuer's words: mUSD is USD-pegged cryptoasset on Ethereum and Polygon backed by a basket of selected USD stablecoins.
MUSD supply history
$3.3M$2.9M
Oct 28, 2025Oct 28, 2026
$147M$0
Jul 16, 2020Oct 28, 2026
MUSD supply fell 6.5% over the past 30 days, to $3.0M. Its peak was $167M in November 2021, and supply is 98% below that high.
Is MUSD holding its peg?
Last price
$0.9930
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: Ethereum holds 96% 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: Using the mStable app, users can swap an accepted stablecoin to mint mUSD 1:1. mUSD can be redeemed for another stablecoin 1:1 at any time.
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 $3.0M 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 $0.9930 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
Similar crypto-backed stablecoins
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MUSD in the news
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MUSD FAQ
What is MUSD?
mStable USD (MUSD) is a crypto-backed US dollar stablecoin. It has about $3.0M in circulation, ranking #169 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
Is MUSD pegged 1:1 to the US dollar?
MUSD targets 1 USD. At the last update it traded at $0.9930, a deviation of -0.70%, 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 3 blockchains. The largest by supply are Ethereum ($2.9M), Polygon ($121K), Gnosis ($3K).
How much MUSD is in circulation?
About $3.0M of MUSD was in circulation at the last update, -6.5% over 30 days. That makes it the #169 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.