MegaUSD (USDM) stablecoin analytics
USDM is MegaETH's dollar stablecoin issued on Ethena's USDtb rails, backed ~90% by BlackRock BUIDL tokenized Treasuries; reserve yield funds sequencer costs.
Static Profile
Static stablecoin profile
MegaUSD (USDM) static profile: governance model CeFi-Dependent; backing model Real-World Asset Backed; peg US Dollar.
AI summary / Updated Jun 3, 2026
MegaETH's USDm flips the L2 business model: instead of extracting sequencer fees from users, it uses RWA yield from Ethena's USDtb (90% of backing, itself holding BlackRock's BUIDL tokenized Treasury bills) to subsidize network operations — the chain literally gets cheaper as...
AI summary · drafted by claude-opus-4-8 · reviewed by @TokenBrice on Jun 3, 2026 · facts as of Jun 3, 2026
- Collateral
- ~90% USDtb (BlackRock BUIDL tokenized Treasuries via Securitize) with liquid stablecoins for redemptions
- Peg Mechanism
- Issued on Ethena's USDtb rails; reserve yield funds MegaETH sequencer costs
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
Snippet Answer
Is USDM safe?
Pharos does not mark USDM as absolutely safe. Static metadata says MegaUSD uses a CeFi-Dependent governance model and Real-World Asset Backed backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Next Actions
Exact bot target: /subscribe dews,depeg,safety usdm-mega
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Jun 3, 2026.
USDM quick answers
What is MegaUSD (USDM)?
USDM is MegaETH's dollar stablecoin issued on Ethena's USDtb rails, backed ~90% by BlackRock BUIDL tokenized Treasuries; reserve yield funds sequencer costs. The static profile records its US Dollar peg mechanism as: Issued on Ethena's USDtb rails; reserve yield funds MegaETH sequencer costs
What backs USDM?
Pharos classifies USDM backing as Real-World Asset Backed. Collateral, per the static profile: ~90% USDtb (BlackRock BUIDL tokenized Treasuries via Securitize) with liquid stablecoins for redemptions Reserve evidence: live reserve feed configured.
Can USDM be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for USDM, when applicable, appear in the dossier below.