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MegaETH has launched the USDm stablecoin to subsidize gas fees.
BlockBeats News, September 9th, reported by The Block, Ethereum scaling solution MegaETH, developed by MegaLabs, is rolling out a stablecoin called USDm on its chain. The USDm model is built in collaboration with decentralized finance protocol Ethena, aiming to run the sequencer at cost and keep transaction fees low for users and builders, ensuring synergy between the chain and the ecosystem.
MegaETH pointed out that currently, multiple Layer 2 networks profit from the sequencer fee delta. This model may lead to conflicts with users and developers, especially in the context of EIP-4844 reducing data costs leading to even more unpredictable fee deltas. USDm seeks to address this issue by redirecting stablecoin reserve earnings to shared network costs. Once the project's mainnet is live, the reserve income will programmatically cover sequencer operational expenses directly, rather than as on-chain profits.
The initial version of USDm will be issued through Ethena's USDtb channel. According to the team, this structure provides institutional-grade endorsement and transparent accounting—the USDtb reserve is primarily held by Securitize in tokenized U.S. Treasury bond funds (BUIDL), paired with a liquid stablecoin to facilitate redemptions. A MegaETH representative stated that USDm will initially operate through exchanging USDtb rather than direct fiat redemption. The team did not disclose the targeted funding scale required for covering daily operations, stating that these parameters will be gradually determined over time.
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