MegaETH Launches Native Stablecoin USDm in Partnership with Ethena
MegaETH has announced the launch of a native stablecoin, USDm, in partnership with DeFi protocol Ethena (ENA). Key points include:
- USDm aims to lower transaction costs by redirecting revenue from reserve assets to subsidize sequencer costs.
- The stablecoin will initially be backed by Ethena's USDtb, linked to BlackRock's tokenized money market fund BUIDL, with potential future backing from other Ethena tokens like USDe.
- Ethena's governance token ENA saw a 7% increase in value over the last 24 hours.
- Stablecoins, valued at $270 billion, are increasingly utilized for liquidity and cross-border payments.
- MegaETH's initiative reflects a trend of ecosystems creating proprietary stablecoins rather than relying solely on existing options like USDC and USDT.
- Ethena plans to expand into a stablecoin-as-a-service model, assisting other crypto projects in launching their own stablecoins.