Share this article
MegaETH Unveils Native Stablecoin with Ethena, Aiming to Keep Blockchain Fees Low
The yield earned on the reserve assets would cover the blockchain's sequencer fees, helping keeping the transaction costs low, MegaEth said.
Sep 8, 2025, 5:18 p.m.
What to know:
- MegaETH is launching a native stablecoin called USDm in partnership with DeFi protocol Ethena.
- USDm will initially be backed by Ethena's USDtb, which is backed by BlackRock's tokenized money market fund, and may include other tokens like USDe as reserve.
- The introduction of USDm highlights a trend of crypto ecosystems coming up with proprietary stablecoins, similar to recent moves by MetaMask and Hyperliquid.
MegaETH, an Ethereum scaling network designed for transactions that process so quickly it calls itself a "real-time" blockchain, said on Monday it is launching a native stablecoin with fast-growing DeFi protocol .
The token, dubbed USDm, will be embedded closely into applications and protocols built on top of the network and aims to help keep transaction costs low on the chain by redirecting revenues from the reserve assets to subsidize sequencer costs, according to a blog post.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"USDm means lower fees for users and a more expressive design space for applications," MegaETH co-founder Shuyao Kong said in the blog post. "We are excited to work with Ethena to enable a win-win scenario for all stakeholders in our ecosystem."
The token will be backed in the beginning by Ethena's USDtb, a yield-generating token backed by BlackRock's tokenized money market fund BUIDL. Later, other and future Ethena-issued tokens may be added such USDe, MegaETH said in a blog post.
Ethena's governance token, ENA (ENA), gained 7% over the past 24 hours, outperforming the broader crypto market.
Stablecoins are a fast-growing, $270 billion group of cryptocurrencies, predominantly with prices tied to the U.S dollar. They serve as a primary liquidity and trading pairs on crypto venues, and are also increasingly used for cross-border payments promising faster, cheaper transactions on blockchain rails compared to traditional banking channels. They received a regulatory boost earlier this year in the U.S. when President Donald Trump signed the GENIUS Act, the first major piece of crypto legislation in the country, into law.
MegaETH's stablecoin is the latest example of crypto ecosystems making steps to issue a proprietary stablecoin with a service provider instead of solely relying on the existing stablecoin offerings, currently dominated by Circle's USDC and Tether's USDT.
Popular crypto wallet MetaMask recently announced the launch of its own stablecoin with infrastructure providers M0 and Stripe's Bridge, while Hyperliquid, a layer-1 network known for its popular on-chain perpetual swaps exchange, is holding an audition for a stablecoin issuer partner for its own token.
MegaETH's token plan also highlights Ethena venturing into the stablecoin-as-a-service business, helping other crypto ecosystems to issue their own stablecoins. The protocol is behind the $13 billion digital dollar USDe, which provider yield by holding spot crypto like bitcoin and ether while selling (shorting) an equal amount of derivatives to harvest the funding rate.
Read more: Hyperliquid Faces Community Pushback Against Stripe-Linked USDH Proposal
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
