MegaETH to open pre-deposit window for USDm stablecoin next week
Quick Take USDm will be minted through Ethena’s USDtb system, giving the new stablecoin a reserve structure similar to one used by existing institutional-grade offerings. The pre-deposit program carries a $250 million cap, with individual deposits uncapped.
USDm is issued on Ethena’s USDtb rails through Ethena’s Whitelabel system, a structure MegaETH says will eventually allow stablecoin reserve yield to help offset sequencer operating costs once the chain is live.
The program carries a $250 million cap, with individual deposits uncapped and processed on a first-come, first-served basis.
However, participation is tightly constrained. Users must have completed KYC verification during MegaETH’s recent MEGA token sale last month — a sale that drew more than $1.39 billion in maximum bids. Residents of numerous jurisdictions, including the U.S., U.K., China, and Russia, are barred entirely.
Only USDC on Ethereum will be accepted, and deposits are locked until the mainnet launch. Participants "will get consideration towards the Rewards Campaign," MegaETH's FAQ states .
MegaETH describes itself as a real-time, Ethereum-secured Layer 2 built to support extremely low-latency, high-throughput applications — a design that relies on stable, predictable sequencer costs, which USDm is intended to help achieve.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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