From Wallet to Everyday Money Account: Veda Powers Earn for MetaMask

MetaMask is a self-custodial crypto wallet used by millions of people to access the onchain economy. With more than 100 million lifetime downloads and 30 million active users, MetaMask is expanding beyond wallet functionality into everyday financial products through Money Account, embedded Earn, and the MetaMask Card.

MetaMask already had the distribution: more than 100 million lifetime downloads and 30 million active users. Money Account presented an opportunity to turn that reach into an everyday financial product, giving users more reasons to keep money in MetaMask and use it regularly.

The proposition is familiar. Money sitting in an account should be able to earn. When users need it, they should be able to spend it.

Delivering that experience through a self-custodial wallet was more complicated. A user who wants to earn on a balance should not need to understand which lending protocol their assets are allocated to, approve every allocation transaction, manage gas, or continually reposition capital. The infrastructure needed to handle that complexity behind the scenes without passing it on to the user.

MetaMask also was not building a single-purpose Earn product.

Money Account needed to bring together mUSD, issued by Bridge on M0 infrastructure; Monad as its home chain; and MetaMask’s Delegation Framework. At the same time, MetaMask needed the flexibility to allocate across multiple yield sources and eventually build additional Earn products for customers with different needs.

The challenge was not simply adding yield to a wallet. It was building an Earn layer that could support Money Account today and give MetaMask room to expand it over time.

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Veda provided the vault infrastructure connecting Money Account balances to onchain yield.

From the user’s perspective, the experience is simple: opt in, hold a balance, earn, and spend. Veda handles the infrastructure required to put those balances to work.

When users opt into Money Account, balances are converted to mUSD and deposited into a dedicated Veda vault on Monad through MetaMask’s Delegation Framework. Steakhouse Financial curates the strategy, allocating capital across Aave and Morpho within a single vault using Veda’s flexible architecture.

Veda handles vault accounting, deposits, withdrawals, and compounding, with earnings reflected in the Money Account balance. Because Money Account is compatible with the MetaMask Card, that balance can also be used for everyday spending.

The complexity sits underneath the product. What the user sees as a balance earning inside an account is supported by multiple protocols, a strategy curator, smart contract infrastructure, and controls governing how capital can move.

Onchain allowlists restrict vault management to approved actions, while accounting safeguards and pause capabilities provide controls for operating the product. MetaMask also built on infrastructure already used at enterprise scale by platforms including Kraken and Ether.fi.

The same architecture gives MetaMask room to expand.

Within an Earn product, MetaMask can allocate across multiple protocols, as it does today with Aave and Morpho. It can also use the same underlying vault stack to launch separate Earn products for different customers. MetaMask is already using Veda to launch a Prime vault targeting a different return profile.

New Earn products do not require MetaMask to rebuild the infrastructure beneath them. The same vault stack can support different strategies and customer segments as Money Account grows.

In just over three months, MetaMask’s Veda-powered vaults reached $38.2 million in total vault balances across nearly 50,000 active depositors, with approximately $800 in average balance per active depositor.

Those numbers tell a different story from an Earn product driven by a small number of large DeFi accounts. An average balance of approximately $800 across nearly 50,000 depositors points to a broader consumer use case: stablecoin yield built into an account people can use as part of their everyday financial lives.

Users can put their balances to work without managing the underlying protocols themselves. With MetaMask Card compatibility, those balances can also stay connected to everyday spending.

MetaMask is now extending that model. With nearly 50,000 depositors using the existing vaults and a Prime vault planned for a different return profile, it is building an Earn lineup designed to serve different customer needs.

Veda provides the common infrastructure underneath it, giving MetaMask the flexibility to add new products and strategies without rebuilding its Earn infrastructure each time.

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To build embedded Earn into your platform, reach out for a free vault design consultation.

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