Overview

• A governance proposal submitted on August 5 recommended adding mmUSD to Aave v3 pools on Ethereum and Linea before its swift removal for premature disclosure.
• Marc Zeller, founder of the Aave Chan Initiative, confirmed the authenticity of the deleted proposal.
• The proposal states mmUSD would be pegged 1:1 to the US dollar and become the default stablecoin across MetaMask’s Swap, Buy/Sell and Earn features.
• It indicates the token would be issued entirely on-chain via the M^0 network with Stripe-supported infrastructure and managed by the Bridge Protocol for minting and redemptions.
• The initiative builds on MetaMask’s recent in-wallet yield-earning integration with Aave and follows Stripe’s 2024 acquisition of Bridge as well as July’s US stablecoin legislation.