Sometime's she's an Iron Man villain. At other times, she's Iron Man's lover. However, in the Marvel Cinematic Universe, Madame Masque will have existed long before Robert Downey Jr.'s Tony Stark is even born. So unless, the MCU opts to chyogenically freeze another character for time period transference (see the Winter Soldier and Captain America) then it appears that we probably will never see Madame Masque on the big screen. Still, it's exciting news to see that Agent Carter season 2 was able to secure such a well-known Marvel villain.
Here's what Agent Carter showrunners Tara Butters and Chris Dingess told /Film. They're obviously changing Madame Masque's look and backstory to fit the 1940s setting of Agent Carter season 2. " I think we’ve changed the look of her a bit obviously. We’ve made her an actress, which is very Hedy Lamar. She was a ‘40s siren actress who was also a scientific genius, so that’s part of what we’re mining with this character." They also confirmed that the role has already been cast, although they're keeping details under wraps. And what does a female villain mean for Agent Carter? Could this be the start of a rivalry that lasts decades, say up to Carter's cameo in Ant-Man? "For me it is, because I feel like that is something that… as much as there are not enough female heroes just on television, I feel like having a female villain is just as equally powerful", said Tara. Dingess added, " I also think because she’s a female villain, her story informs Peggy’s story in a unique way and vice versa."
In the comics, Madame Masque is Whitney Frost, daughter of Count Nefaria, head of the Maggia. Trained by her father, Frost eventually replaces him as head of the "Big M" and her criminal inclinations frequently bring her into conflict with Tony Stark's Iron Man as the Maggia frequently targets one Stark Industries invention after another.
Agent Carter season 2 will premiere in 2016.