MegaUSD (USDM) stablecoin analytics
Answer First
What is MegaUSD (USDM)?
MegaETH's dollar stablecoin discloses USDC and USDtb backing through a dated transparency API; reserve yield funds sequencer costs. The static profile records its US Dollar peg mechanism as: Launched on Ethena's USDtb rails; current backing allocation is published by the issuer, and reserve yield funds MegaETH sequencer costs
Is USDM safe?
Pharos does not assess USDM as safe: it holds a D Safety Score grade (44/100) in the latest published rating, which flags significant structural risk. 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 issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
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 Sep 7, 2026
MegaETH's USDm flips the L2 business model: instead of extracting sequencer fees from users, it uses RWA yield from Ethena's USDtb (itself holding BlackRock's BUIDL tokenized Treasury bills) alongside USDC, in proportions MegaETH does not disclose, to subsidize network operations. The chain gets cheaper as more people hold its native stablecoin. The peg has held, with only brief deviations on record, but the absence of any tracked DEX liquidity means exit routes are limited to the redemption mechanism.
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- USDC and USDtb in dynamically disclosed proportions, remeasured by the live reserve adapter; USDtb's underlying BUIDL exposure is upstream backing rather than a separate direct MegaUSD holding.
- Peg Mechanism
- Launched on Ethena's USDtb rails; current backing allocation is published by the issuer, and 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.
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 Sep 7, 2026.
USDM quick answers
What is MegaUSD (USDM)?
MegaETH's dollar stablecoin discloses USDC and USDtb backing through a dated transparency API; reserve yield funds sequencer costs. The static profile records its US Dollar peg mechanism as: Launched on Ethena's USDtb rails; current backing allocation is published by the issuer, and reserve yield funds MegaETH sequencer costs
Is USDM safe?
Pharos does not assess USDM as safe: it holds a D Safety Score grade (44/100) in the latest published rating, which flags significant structural risk. 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 issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs USDM?
Pharos classifies USDM backing as Real-World Asset Backed. Collateral, per the static profile: USDC and USDtb in dynamically disclosed proportions, remeasured by the live reserve adapter; USDtb's underlying BUIDL exposure is upstream backing rather than a separate direct MegaUSD holding. Reserve evidence: live reserve feed configured.
Can USDM be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for USDM, when applicable, appear in the dossier below.
