Overview

• USDm debuts as MegaETH’s native stablecoin, with reserves designed to subsidize network costs rather than rely on fee markups.
• Version 1 reserves are primarily allocated to BlackRock’s BUIDL fund through Securitize, with initial backing via Ethena’s USDtb and potential expansion to USDe.
• Co-founder Shuyao Kong said the model targets lower user fees and a broader design space for applications on the network.
• Ethena reports roughly $1.5 billion circulating in USDtb, developed with Anchorage Digital Bank with the GENIUS Act in mind, and supporting 24/7 atomic settlement with BUIDL.
• Ethena’s ENA token rose about 7% over 24 hours as the launch underscored a wider move toward proprietary stablecoins across crypto ecosystems.