MegaETH Launches USDm Stablecoin with Ethena to Power Real-Time Blockchain

MegaETH, a high-speed Ethereum scaling network branding itself as a “real-time” blockchain, has announced the launch of its native stablecoin, USDm, in collaboration with Ethena. The new digital dollar is designed to integrate deeply within the MegaETH ecosystem, lowering transaction costs and enhancing decentralized finance (DeFi) applications.

According to the team, revenues from USDm’s reserve assets will be redirected to subsidize sequencer costs, reducing fees for users. “USDm means lower fees for users and a more expressive design space for applications,” said MegaETH co-founder Shuyao Kong. The token will initially be backed by Ethena’s USDtb, which is supported by BlackRock’s tokenized money market fund BUIDL. In the future, MegaETH plans to expand collateral options to include other Ethena-issued assets like USDe.

The partnership positions Ethena not only as the issuer of USDe, a $13 billion digital dollar, but also as a provider of “stablecoin-as-a-service.” This move reflects a growing trend of blockchain ecosystems launching proprietary stablecoins to improve liquidity, reduce reliance on dominant players such as Circle’s USDC and Tether’s USDT, and create sustainable economic models.

Ethena’s governance token, ENA, rose 7% in the past 24 hours, outperforming the broader crypto market. The news comes amid a surge of interest in stablecoins, a sector now valued at over $270 billion. Stablecoins continue to gain traction as core assets for crypto trading pairs, cross-border payments, and DeFi innovation, boosted further by regulatory clarity following the U.S. GENIUS Act.

MegaETH joins a wave of platforms—including MetaMask and Hyperliquid—that are developing ecosystem-native stablecoins. By embedding USDm across its applications, MegaETH aims to strengthen its real-time blockchain vision while delivering lower fees and greater efficiency for users.