MegaUSD
USDMThe full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About MegaUSD
Analysis of 30 Jun 2026MegaUSD (USDM) is the native stablecoin of MegaETH, a high-performance Ethereum Layer 2 that describes itself as real-time Ethereum with sub-millisecond latency and more than 100,000 transactions per second. USDM is built with Ethena stablecoin infrastructure and is issued on USDtb rails, with reserves primarily tied to BlackRock BUIDL tokenized U.S.
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Treasury exposure through Securitize plus liquid stablecoins for redemptions. MegaETH uses the reserve-yield model differently from a normal stablecoin issuer: yield is programmatically routed toward sequencer operating expenses so gas can be priced close to cost instead of relying on a sequencer fee margin.
As of June 30, 2026, CoinGecko showed USDM near the peg at about $0.9997, roughly $228.1 million market cap, 228.2 million circulating supply, rank 148, and about $1.34 million in 24-hour volume. That is meaningful growth from the February 2026 base, but the same source still records a June 14 range from $0.9739 to $1.047, so peg confidence is good but not yet blue-chip.