MUSD is Mezo's Bitcoin-backed stablecoin, minted when users deposit BTC as collateral and borrow against it at low, fixed rates. The system uses a collateralized debt position (CDP) model, where each MUSD is fully backed by Bitcoin and can be redeemed for BTC, helping MUSD maintain its 1:1 peg to USD. Borrowers can access high loan-to-value ratios (up to ~90%) while the system maintains over-collateralization (system >110%, typical user >150%). Positions below minimum collateral ratio are automatically liquidated to keep all MUSD fully backed.
- Macro context: MUSD is part of the tokenized money market, which represents only ~0.282% of global M2 money supply today.
Data as of Sep 6, 2026
Price performance
7D
-0.15%
14D
-0.04%
30D
-0.19%
1Y
-1.07%
All-time
-2.99%
Market Cap
$30.16M
24h Volume
$271.07K
Best On-Chain APY
3.48%
On-Chain Holders
10.06K
Summed across all deployed chains (per-chain wallets not de-duplicated)
Top 10 Holder %
6.75%
Underlying
Fiat / RWA-backed stablecoin
Key facts
via /coins/{id}Market Cap Rank
#645
Circulating Supply
30.48M
Total Supply
30.52M
All-Time High
$1.16 · 2026-04-14
Categories
Alerts & digests
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Analyze & download 24/7 history
Full round-the-clock historical data for MUSD — including off-market-hours — exportable to CSV.
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AI-assisted analysis of MUSD paired with the latest issuer, regulatory and market news.
CEX Order Books
CoinGecko /coins/{id}/tickers
No centralized listings tracked for this asset.
DEX Pools
GeckoTerminal /onchain pools
| Market | Price | 24h Vol | Liquidity (TVL) | Slippage $10k |
|---|---|---|---|---|
 Aerodrome Slipstream 3Best | $0.9887 | $10.39K | $1.21M | 1.63% |
 Curve | $0.9946 | $23.81K | $692.15K | 2.81% |
| Uniswap V4 Ethereum | $0.9889 | $43.36K | $110.37K | 15.34% |
Top 10 on-chain holders
6.75% of supply| # | Holder | Network | Share | Value |
|---|---|---|---|---|
| 1 | 0xff56…c641LP | Base | 3.43% | $1.04M |
| 2 | 0xb557…955fCurveStableSwapMetaNG | Ethereum | 1.84% | $553.89K |
| 3 | 0x100a…29baHot Wallet | Ethereum | 0.83% | $250.17K |
| 4 | 0x0000…8a90PoolManager | Ethereum | 0.19% | $56.6K |
| 5 | 0xf365…8bc4 | Base | 0.15% | $44.34K |
| 6 | 0x367c…dca0Hot Wallet | Ethereum | 0.13% | $39.77K |
| 7 | 0x0838…fadb | Base | 0.06% | $18.91K |
| 8 | 0x185a…c7b3 | Ethereum | 0.06% | $16.93K |
| 9 | 0x0838…fadb | Ethereum | 0.04% | $10.83K |
| 10 | 0xf365…8bc4 | Ethereum | 0.03% | $10.31K |
Top holders across Base · Ethereum · share = USD value ÷ market cap · source: GeckoTerminal. Concentration is informational, not a risk rating.
Recent on-chain trades
latest 20 · Base · Ethereum| Time | Side | Price | Value | Network | Market | Tx |
|---|---|---|---|---|---|---|
| 28m ago | Sell | $0.9887 | $53.21 | Base | aerodrome slipstream 3 | 0x1546…faf0 |
| 28m ago | Sell | $0.9897 | $53.84 | Base | aerodrome slipstream 3 | 0x1546…faf0 |
| 33m ago | Sell | $0.9891 | $0.28 | Base | pancakeswap v3 base | 0x780c…afd2 |
| 33m ago | Sell | $0.9901 | $0.29 | Base | aerodrome slipstream 3 | 0x780c…afd2 |
| 33m ago | Buy | $0.9901 | $49.96 | Base | aerodrome slipstream 3 | 0x1759…8078 |
| 33m ago | Buy | $0.9901 | $49.96 | Base | aerodrome slipstream 3 | 0x1759…8078 |
| 34m ago | Buy | $0.9894 | $49.93 | Base | aerodrome slipstream 3 | 0xbff9…e96a |
| 34m ago | Buy | $0.9894 | $49.93 | Base | aerodrome slipstream 3 | 0xbff9…e96a |
| 35m ago | Buy | $0.9897 | $49.94 | Base | aerodrome slipstream 3 | 0x6cfb…0d45 |
| 35m ago | Buy | $0.9897 | $49.94 | Base | aerodrome slipstream 3 | 0x6cfb…0d45 |
| 43m ago | Buy | $0.9892 | $5.45 | Base | aerodrome slipstream 3 | 0x9028…49bb |
| 1h ago | Sell | $0.9855 | $52.9 | Base | aerodrome slipstream 3 | 0x5ccf…b34c |
| 1h ago | Sell | $0.992 | $53.82 | Base | aerodrome slipstream 3 | 0x5ccf…b34c |
| 2h ago | Buy | $0.9884 | $9.78 | Base | aerodrome slipstream 3 | 0x2d65…3750 |
| 2h ago | Buy | $0.9884 | $9.78 | Base | aerodrome slipstream 3 | 0x2d65…3750 |
| 2h ago | Buy | $0.9882 | $29.32 | Base | aerodrome slipstream 3 | 0x35d4…af67 |
| 2h ago | Buy | $0.9882 | $29.32 | Base | aerodrome slipstream 3 | 0x35d4…af67 |
| 2h ago | Buy | $0.9871 | $39.06 | Base | aerodrome slipstream 3 | 0xb28a…86ef |
| 2h ago | Buy | $0.9881 | $39.09 | Base | aerodrome slipstream 3 | 0xb28a…86ef |
| 2h ago | Sell | $0.9881 | $52.99 | Base | aerodrome slipstream 3 | 0x8802…b012 |