MegaUSD token
Overview
MegaUSD (USDm) is the native stablecoin of the MegaETH blockchain, issued through a partnership between the MegaETH team and Ethena Labs using Ethena's stablecoin-as-a-service stack. Its reserves are held primarily in BlackRock's tokenized U.S. Treasury fund (BUIDL) via Securitize on Ethena's USDtb rails, alongside liquid stablecoins for redemptions. Yield from the reserves is directed to subsidize MegaETH sequencer operations and fund MEGA token buybacks. It launched in 2025.
Within the DeFi Intel graph, MegaUSD connects to tracked entities, most strongly to MegaETH, Ethena Labs, USDtb.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | MegaETH | 95% |
issued_by | Ethena Labs | 95% |
uses | USDtb | 90% |
backed_by | BUIDL | 90% |
backed_by | U.S. Treasury Bills | 90% |
Frequently asked questions
What is MegaUSD?
MegaUSD (USDm) is the native stablecoin of the MegaETH blockchain, issued in partnership with Ethena Labs. It is backed by tokenized US Treasuries via BlackRock's BUIDL fund on Ethena's USDtb rails, with reserve yield used to subsidize network fees and fund MEGA token buybacks.
Who issues MegaUSD?
MegaUSD is issued through a collaboration between the MegaETH team and Ethena Labs, using Ethena's stablecoin-as-a-service stack rather than being issued by a standalone bank or trust.
What backs MegaUSD?
MegaUSD reserves are held primarily in BlackRock's tokenized US Treasury fund (BUIDL) via Securitize on Ethena's USDtb rails, alongside liquid stablecoins used for redemptions.
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