Crypto News: MetaMask Launches 3% Cashback Card Amid Crypto’s Shift Into Banking

Key Insights:

• Crypto news emerged on February 26 when MetaMask launched its Mastercard-powered card across the US, offering up to 3% cashback in its native stablecoin.
• The launch joins a broader wave of crypto platforms launching neobank bundles, with cards becoming the primary bridge to mainstream spending.
• Only 6% of stablecoin transactions currently go toward goods or services, raising questions about whether cards can finally drive real-economy adoption.

On February 26, crypto news broke when MetaMask announced the general availability of its MetaMask Card across the United States, including New York, for the first time.

The card, powered by Mastercard’s network and issued by Cross River Bank, offered up to 3% cashback paid in mUSD, MetaMask’s native stablecoin. The launch signaled crypto’s banking shift from blockchain ideology to regulated financial products built on legacy rails.

Crypto News: The Neobank Wave Accelerates

MetaMask positioned the card as a self-custodial product, with funds remaining in users’ wallets until purchase. The Metal tier, priced at $199 annually, offered 3% cashback on the first $10,000 spent, then dropped to 1% thereafter.

The crypto news shows that the virtual card earned 1% in mUSD on eligible transactions. Enrollment required identity verification and compliance checks, framing the product as a regulated payments offering.

MetaMask crypto cards stats | Source: MetaMask

The timing aligned with a broader industry pattern. OKX launched its OKX Card, a euro-denominated virtual debit card that enables stablecoin spending anywhere Mastercard is accepted.

SwissBorg announced a Mastercard partnership with similar mechanics. Aave’s governance discussions revealed plans for an Aave Card alongside other consumer products, positioning the project against fintech and traditional finance giants.

Mastercard described 2026 as the year stablecoins would connect to mainstream commerce. The network’s April 2025 release detailed end-to-end stablecoin capabilities “from wallets to checkouts” and listed partnerships with crypto-native wallets, including MetaMask.

The strategy centered on making stablecoins usable through existing infrastructure rather than requiring merchants to adopt crypto directly.

MetaMask’s Path from Pilot to Public Launch

MetaMask’s card journey began with a limited pilot in the EU and UK tied to Linea. It was announced in Mastercard’s August 14, 2024, crypto news. That pilot enabled spending from a self-custody wallet with instant crypto-to-fiat conversion, framed as “neobanking without custody.”

The US launch marked a program maturity step, moving from experimental pilot to a named issuer-bank rollout with explicit compliance infrastructure. This product’s commercial structure revealed careful management of unit economics.

The $199 annual fee and the $10,000 cap on cashback for annual spending suggest that MetaMask designed rewards to be sustainable. The company foregrounds consumer protection features, including Mastercard theft protection and Zero Liability coverage, signaling an appeal to mainstream trust.

MetaMask’s native stablecoin played a central role and has been featured in top crypto news stories quite often. The company announced mUSD in August 2025, issued by Bridge, a Stripe company, stating it would become spendable via MetaMask Card.

The February 2026 launch used mUSD as the cashback unit, coupling the card to MetaMask’s on-chain ecosystem while settling transactions through regulated card infrastructure.

Stablecoins as Infrastructure, Not Just Speculation

The card launches occurred as stablecoins gained recognition as a form of financial infrastructure.

In crypto news, Visa announced a USDC settlement in the US on December 16, 2025. The company cited $3.5 billion in annualized stablecoin settlement volume. It also named Cross River Bank as an initial participant. The same bank serves as the issuer used by MetaMask. The integration happened “without any change to the consumer card experience.”

CoinMarketCap data showed that the total stablecoin market capitalization stood at around $315 billion. This figure represents the pool of crypto funds that have been converted from holding to spending.

However, a Reuters-cited study found that only 6% of stablecoin transactions went toward goods or services. This implied that everyday spending was still at an early stage. It also suggested that better mainstream tooling was needed to drive broader adoption.

Governments began treating stablecoin payment rails as infrastructure worthy of regulatory frameworks. As recent crypto news revealed, policymakers appeared more comfortable with card-linked stablecoin products that maintained KYC and consumer protection wrappers.

Crypto News Covering Stablecoin Stats | Source: CoinMarketCap

Mastercard’s emphasis on “safety and compliance built in” and MetaMask’s explicit identity verification requirements aligned with this approach.

Crypto News Highlights Shift Toward Fintech-Style Distribution Strategies

The card announcements revealed a strategic shift in how crypto platforms pursued mainstream adoption. Instead of waiting for merchants to accept crypto natively, platforms focused on alternative strategies.

They competed on distribution through familiar fintech bundles. These bundles typically included an app, a card, rewards programs, and compliance infrastructure.

MetaMask’s card-related crypto news page emphasized compatibility with Apple Pay and Google Pay. It also listed multiple spendable assets, positioning the product against fintech UX standards.

Aave’s governance roadmap made the distribution strategy explicit. The “Aave Will Win Framework” outlined go-to-market funding for four product launches: Aave App, Aave Pro, Aave Card, and Aave Kit.

The discussion text framed Aave’s competition as fintech and traditional finance giants. Aave was positioned against established financial players. This implied that mainstream adoption would be pursued through bundled financial products.

This crypto news also suggested that growth would come from integrated offerings rather than from merchants accepting crypto directly.

The convergence on similar infrastructure created predictable competitive dynamics. Multiple crypto brands now ship the same bundle primitives through a handful of card networks, issuing banks, and program managers.

Differentiation shifted to distribution, reward structures, and compliance friction, rather than to the underlying blockchain technology.

Self-Custody Repackaged as Consumer Fintech

MetaMask explicitly sold “keep custody until you pay” as a mainstream payments feature. It paired that with familiar card protections and mobile-wallet flows.

The framing attempted to reposition self-custody wallets as the new current account interface. It presented them as the primary way users would manage their funds. In this model, card networks would handle payment acceptance. The crypto news confirms that banks would manage issuance and compliance.

The structure appeared closer to neobanking than to crypto’s original “replace banks” narrative. The question remained whether cards would succeed in driving stablecoin usage in the real economy. The 6% goods-and-services share of stablecoin transactions suggested the mainstream adoption claim still needed proof in spend mix, not just in card launches.

MetaMask’s cashback mechanics, OKX’s emphasis on real-time conversion, and Aave’s explicit funding for consumer products all represented industry efforts to change that usage pattern.

Crypto news coverage of the launches often framed them as milestones in adoption. Still, the real test would be whether the products materially increased the share of stablecoin transactions for everyday purchases.

The infrastructure was consolidating, the regulatory frameworks were emerging, and the distribution strategies were aligning around the neobank bundle. Whether users would spend their stablecoins through these cards at scale remained the unanswered variable.

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