MUSD Surpasses $750M in Lifetime Volume After Wormhole Integration

MUSD, a Bitcoin-backed stablecoin from the Mezo ecosystem, has surpassed $750 million in lifetime volume. This milestone comes roughly a year after its mainnet launch on May 28, 2025, and shortly after integrating with Wormhole's cross-chain infrastructure on August 4, 2025.

The stablecoin operates on a collateralized debt position model, allowing users to deposit Bitcoin as collateral and mint dollar-denominated stablecoins against it. The system has loan-to-value ratios of up to 90% with over-collateralization exceeding 110%, ensuring that there's more than $1.10 worth of Bitcoin backing every dollar in circulation.

The Wormhole integration enables Native Token Transfers, a burn-and-mint mechanism that allows MUSD to move between chains without liquidity fragmentation. This changes the equation for DeFi composability, allowing MUSD holders to access existing lending, trading, and yield infrastructure on Ethereum and Base without requiring custom integrations.

MUSD's $750 million-plus in lifetime volume is a notable achievement, with roughly $789 million in transaction volume during the first half of 2026 alone. The protocol has around 41,000 holders to its name, indicating organic demand rather than volume driven by incentive farming or wash trading.