MegaETH partners with Ethena to launch native stablecoin USDm

Key Takeaways

• MegaETH launched USDm with Ethena to fund sequencer costs at yield and lower fees.
• USDm is backed by BlackRock’s tokenized Treasuries via Ethena’s USDtb stack.

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MegaETH has launched its first native stablecoin, USDm, developed in partnership with Ethena, as a way to reduce fees and restructure the network’s economic model.

The new asset is built on Ethena’s stablecoin SaaS stack and integrates directly into wallets, apps, and onchain services across the MegaETH ecosystem.

USDm v1 is issued on Ethena’s USDtb rails, primarily backed by BlackRock’s tokenized U.S. Treasury fund BUIDL alongside liquid stablecoins for redemptions. The reserve yield is programmatically directed to cover sequencer operations, letting MegaETH run at cost and maintain predictable, sub-cent fees without relying on a margin.

Shuyao Kong, MegaETH co-founder, said the launch enables a “win-win scenario for all stakeholders” by lowering fees while expanding application design space.

Stablecoins like USDT0 and cUSD will remain supported on MegaETH, ensuring liquidity and routing for users, while USDm integrates directly into apps, wallets, and onchain services.

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