MetaMask launches Money Account with up to 4% APY

MetaMask has launched a Money Account that offers up to 4% annual percentage yield on mUSD holdings. The feature is built into the MetaMask app and browser extension and supports deposits of mUSD, a dollar-pegged token.

MetaMask stated interest is paid on mUSD balances while they remain in the Money Account. The advertised APY is up to 4% and can change over time. Users can move mUSD from their regular MetaMask token balances into the Money Account; the account accepts only mUSD rather than a wider set of tokens.

The company described the product as an interest-bearing option within the wallet for users who hold dollar-pegged tokens and prefer to earn yield without managing separate decentralized finance positions. Availability of the Money Account may depend on geographic and regulatory factors and on user verification requirements.

MetaMask noted crypto interest rates are subject to change and reflect market conditions and risks associated with digital-asset platforms. MetaMask is a noncustodial cryptocurrency wallet developed by ConsenSys that has added services such as token swaps and portfolio features; the Money Account adds an interest-bearing stablecoin deposit option to those offerings.