Mezo Lists MEZO Token and Bitcoin-Backed MUSD on Bullish

Mezo has listed its MEZO governance token and Bitcoin-backed stablecoin MUSD on the Bullish exchange, making both assets available to institutional and retail traders on a regulated platform.

Bullish combines automated market-making with a central limit order book and has recorded more than $1.8 trillion in cumulative trading volume since launch. Mezo said it chose Bullish for the exchange’s custody and compliance architecture. BitGo will provide custody for MUSD on Bullish, with customer assets held 1:1 and segregated from the company’s balance sheet. Mezo co-founder and CEO Matt Luongo said, “Bullish gives MEZO and MUSD a regulated trading venue built for the participants we want to reach. Allowing BTC holders and institutions access to MUSD through a publicly traded exchange with Ethereum L1 support matters more than volume numbers.”

MUSD is described by Mezo as a 1:1 stablecoin fully collateralized by Bitcoin and designed to let users lock BTC and mint a dollar-pegged token. As of April 19, 2026, MUSD was trading around $1.011 with a circulating supply of about 20.43 million and a market capitalization above $20 million. Mezo reports more than $70 million in total value locked and over 43,500 mainnet users. The project has raised more than $28 million from investors that include Pantera Capital.

Mezo has pursued listings and liquidity partnerships to support MEZO and MUSD. The project partnered with Aerodrome Finance to deepen liquidity for trading pairs. MUSD is listed on other exchanges including Bitget, KuCoin, Coinbase, BingX, Gate.io and LBank. Mezo said its “Bring Bitcoin Home” campaign migrated nearly $23 million in BTC-denominated assets from Ethereum to Mezo’s mainnet.

MEZO’s price has been volatile. The token surged roughly 224% on April 13–14 to an all-time high of $0.1415 after listings on other platforms, then fell back to about $0.046 at the time of reporting. That represents a decline of roughly 52% over the prior week and a 5.2% drop over the past 24 hours. Trading volume for MEZO rose 48.1% over the previous day to $1.167 million. MEZO functions as a native utility and governance token, supports network coordination and incentive distribution, and participates in a vote-escrowed system that can boost rewards up to five times.

The exchange Bullish also reported holding more than $1.1 billion in IPO proceeds in various stablecoins. Mezo has opened MUSD vaults that offer high annual percentage rates for early liquidity providers, aimed particularly at developers building applications that use the stablecoin.

The listings place MEZO and MUSD on an additional regulated venue while Mezo continues to expand its Bitcoin-native Layer 2 ecosystem and develop distribution channels for its tokens.