MetaMask introduces self-custody crypto card with Mastercard

MetaMask is set to launch a new crypto payments card backed by Mastercard, enabling users to spend self-custodied digital assets directly from their wallets.  

Developed in collaboration with CompoSecure and Baanx, the card leverages smart contracts to process transactions in under five seconds and operates on the Linea network, an Ethereum (CRYPTO:ETH) layer-2 scaling solution.  

The initiative is positioned as an alternative to products offered by centralized exchanges, with MetaMask emphasizing the security benefits of self-custody.  

The card’s launch follows a period of declining engagement in the Ethereum ecosystem, as MetaMask’s weekly fee revenue dropped to $289,312 in mid-April, compared to $1.3 million a year earlier, according to Dune Analytics.  

MetaMask’s move comes amid rising competition, as exchanges like Binance, Bybit, Coinbase, and Crypto.com already offer crypto debit cards, some featuring crypto-back rewards for users.  

The company highlights the risks associated with centralized exchanges, referencing the $1.4 billion Bybit hack in February as a recent example.  

With this product, MetaMask aims to give users more control over their assets and spending, while addressing growing demand for real-world crypto payments.  

“We believe in the potential of stablecoins to streamline payments and commerce across the value chain,” commented Jorn Lambert, Mastercard’s Chief Product Officer.

The rise of crypto payments is reflected in broader trends, with luxury brands and even messaging apps exploring digital asset transactions, and new legislation being introduced to allow crypto payments for state services.  

MetaMask’s self-custody card is expected to offer an additional layer of security and flexibility for crypto holders, as payments and stablecoins continue to gain traction as practical use cases for digital assets in 2025.