Finance
What you absolutely must know:
- MegaETH is launching a native stablecoin, USDm, in partnership with the skyrocketing DeFi protocol Ethena.
- USDm will first be backed by Ethena’s USDtb, tied to BlackRock’s tokenized money market fund, with a sprinkle of USDe in the mix.
- USDm is part of the growing trend where crypto ecosystems are tired of relying on Circle’s USDC and Tether’s USDT. So much for the old guard, right?
MegaETH, the blockchain network that processes transactions faster than you can say “real-time,” announced on Monday the launch of its very own native stablecoin. It’s called USDm, and it’s making waves with Ethena, the DeFi protocol that’s growing faster than a weed in a garden.
The goal? To lower transaction costs by redirecting revenue from reserve assets into subsidizing sequencer costs. Translation: cheaper transactions for you. Who doesn’t love saving a buck? USDm will be tightly integrated into MegaETH’s ecosystem of applications and protocols, ensuring it serves as more than just another pretty face in the crypto crowd.
“USDm means lower fees for users and a more expressive design space for applications,” says MegaETH co-founder Shuyao Kong. And let’s be honest, who doesn’t want fewer fees and more room for creativity? As they say in the biz, it’s a win-win for all.
Backing USDm at the start is Ethena’s USDtb, a yield-generating token backed by BlackRock’s tokenized money market fund BUIDL. Oh, and there may be other tokens like USDe added later. Because why stop at one, right?
Meanwhile, Ethena’s governance token ENA (ENA) has gained a respectable 7% over the last 24 hours. This might just be a sign that Ethena is onto something big… or maybe it’s just a random fluke. We’ll let you decide.
Stablecoins are on a tear, with a $270 billion market size. They’ve become the primary liquidity and trading pairs on crypto exchanges and are even used for cross-border payments, promising faster and cheaper transactions than traditional banks could ever dream of. And hey, thanks to the GENIUS Act (yes, you read that right, the GENIUS Act), stablecoins are now getting the regulatory stamp of approval in the U.S. Thanks, President Trump!
MegaETH’s stablecoin is the latest example of crypto networks deciding they don’t need to keep playing second fiddle to Circle’s USDC or Tether’s USDT. Oh no, they’re building their own stablecoins. Even MetaMask and Hyperliquid are jumping on the bandwagon. Can you say “crypto revolution?”
What’s even juicier is that Ethena is moving into the stablecoin-as-a-service biz. Why not help other crypto ecosystems launch their own stablecoins while also getting a taste of the $13 billion USDe digital dollar pie? It’s a big, bold world, and Ethena seems determined to make its mark.
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2025-09-08 20:53