---
title: "MegaUSD (USDM) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdm-mega/"
description: "Build-time stablecoin profile for MegaUSD (USDM). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# MegaUSD (USDM)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

MegaETH's USDm flips the L2 business model: instead of extracting sequencer fees from users, it uses {{term:rwa}}RWA{{/term}} yield from Ethena's USDtb (90% of backing, itself holding BlackRock's BUIDL tokenized {{term:treasury}}Treasury bills{{/term}}) to subsidize network operations — the chain literally gets cheaper as more people hold its native stablecoin. The peg itself holds flawlessly and the asset has logged only a couple of brief deviations, but it has lately drifted off the calm end of the stress scale into watch territory, and the absence of any tracked DEX liquidity means exit routes are limited to the {{term:redemption}}redemption{{/term}} mechanism. The dependency on Ethena's infrastructure for both reserve management and {{term:custody}}custody{{/term}} adds counterparty risk that the underlying Treasuries don't carry, and it shows in the grading: a middling C overall, weighed down by thin liquidity and a dependency profile that inherits USDtb's concentrated mint authority wholesale. The stablecoin's value proposition is inseparable from MegaETH's own traction as an L2 — a flywheel where stablecoin adoption subsidizes network costs which drives adoption, elegant when it works, but the flywheel spins in both directions.

## 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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| megaeth | `0xFAfDdbb3FC7688494971a79cc65DCa3EF82079E7` | 18 |
| ethereum | `0xec2af1c8b110a61fd9c3fa6a554a031ca9943926` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usdm-mega.