MegaETH launches stablecoin USDm to subsidize sorter fees

According to BlockBeats, on September 9, according to The Block, MegaETH, the Ethereum expansion solution developed by MegaLabs, is launching a stablecoin called USDm on its chain. The USDm model is built in cooperation with the decentralized financial protocol Ethena, aiming to achieve the collaboration between chain and ecological incentives by running the sorter at a cost price and keeping the transaction fees of users and builders low and stable. MegaETH pointed out that there are currently multiple Layer2 networks that make profits by collecting the sorter fee difference. This model may trigger conflicts with users and developers, especially in the context of EIP-4844 reducing data costs, resulting in more unpredictable price spreads. USDm attempts to address this problem by directing stablecoin reserve proceeds to shared network costs. When the main project network is online, reserve revenue will programmatically cover the sorter operating expenses directly, rather than as on-chain profits. The first version of USDm will be released through Ethena's USDtb channel. According to the team, this structure provides institutional-level endorsement and transparent accounting - USDtb reserves mainly hold BlackRock's tokenized US Treasury Fund (BUIDL) through Securitize and are matched with liquid stablecoins to deal with redemption. MegaETH representatives said that USDm will operate in the initial stage through exchange for USDtb instead of direct fiat redemption. The team did not disclose the target funding scale required to cover daily operations, saying that these parameters will be gradually determined over time.