Mezo's MUSD Surpasses $750M in Lifetime Volume on Wormhole Network

The Mezo ecosystem's flagship product, MUSD, has reached a notable milestone in its short lifespan. The Bitcoin-backed stablecoin has surpassed $750 million in lifetime volume, with roughly $789 million of that coming during the first half of 2026 alone.

This achievement is all the more impressive given the relatively young age of the protocol. Launched on May 28, 2025, MUSD operates natively across Mezo, Ethereum, and Base via Wormhole's cross-chain infrastructure.

MUSD works on a collateralized debt position model, where users deposit Bitcoin as collateral to mint dollar-denominated stablecoins. The system allows loan-to-value ratios of up to 90%, with over-collateralization exceeding 110%. This means that for every dollar of MUSD in circulation, there's more than $1.10 worth of Bitcoin backing it up.

The integration with Wormhole's Native Token Transfers standard has been a game-changer for MUSD. When MUSD moves between chains, tokens are burned on the origin chain and minted natively on the destination chain. This eliminates liquidity fragmentation and allows MUSD to plug into existing lending, trading, and yield infrastructure without custom integrations.