MegaUSD
USDM Rank #960Price chart
What is MegaUSD?
Stablecoin design
MegaETH introduced USDm in September 2025. The asset is issued through Ethena's stablecoin infrastructure. Its first version uses the USDtb reserve framework. That design invests primarily in BlackRock's BUIDL tokenized Treasury fund through Securitize. Liquid stablecoins provide additional redemption liquidity. The architecture permits changes to the collateral mix over time.
Role on MegaETH
USDm is designed for payments and application balances on MegaETH. Wallets, trading routes and money markets can integrate the asset. Its reserve income supports the network's economic model. MegaETH directs underlying yield toward sequencer operating costs. This is intended to let the network charge gas at cost. The MEGA token framework also assigns Foundation rewards from USDm to MEGA buybacks. USDm holders therefore do not automatically receive reserve yield merely by holding the stablecoin. USDm and MEGA serve separate functions. The initial reserve design is distinct from Ethena's synthetic-dollar USDe strategy.
Where to trade USDM
2 exchanges · top 10
Live spot quotes from connected exchanges
USDM funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.