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The USDm stablecoin, built with Ethena and backed by tokenized treasuries, volition usage its output to subsidize Ethereum sequencer fees.
MegaETH, an Ethereum layer-2 protocol backed by Vitalik Buterin, announced the upcoming motorboat of a yield-bearing stablecoin that mightiness springiness it a antithetic concern exemplary than accepted L2s, which thrust gross done transaction fees.
The stablecoin, USDm, is being developed successful concern with Ethena, an algorithmic stablecoin protocol with $13 cardinal successful full worth locked (TVL). It volition motorboat connected Ethena’s USDtb infrastructure, which channels reserves into BlackRock’s BUIDL — a tokenized US Treasury measure money with a $2.2 cardinal marketplace headdress and dependable yield, according to RWA.xyz.
Yield from the stablecoin’s reserves volition reportedly beryllium utilized to offset sequencer fees, the Ethereum state costs a layer-2 incurs erstwhile publishing batches of transactions to the main chain.
The projected exemplary mightiness little the request for sequencer fees, alternatively drafting connected output from an alternate source. In a statement, MegaETH co-founder Shuyao Kong said that the USDm stablecoin would “lower fees for users” and let for “more expressive plan abstraction for applications.”
Yield-bearing stablecoins are integer assets pegged to different asset, specified arsenic a fiat currency, and that generates yield to holders.
The proviso of yield-bearing stablecoins has surged pursuing the transition of the GENIUS Act successful the United States, which bans issuers from offering yield-generating stablecoins. Ethena’s USDe and Sky’s USDS person been among the main beneficiaries of the strict rules.
Related: Ethereum devs and L2 leaders spell each successful connected based and autochthonal rollups
Fees connected Ethereum
Sequencer fees person caused controversy, specifically successful the Ethereum ecosystem, wherever immoderate judge the web should request much of the interest pie.
According to Token Terminal, Ethereum has collected $1.1 cardinal successful fees successful the past calendar year. However, the magnitude of fees collected has plummeted since February.
Ethereum fees collected. Source: Token TerminalMagazine: MegaETH motorboat could prevention Ethereum… but astatine what cost?
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