10 hours ago
MegaETH, an Ethereum scaling web designed for transactions that process truthful rapidly it calls itself a "real-time" blockchain, said connected Monday it is launching a autochthonal stablecoin with fast-growing DeFi protocol Ethena (ENA).
The token, dubbed USDm, volition beryllium embedded intimately into applications and protocols built connected apical of the web and aims to assistance support transaction costs debased connected the concatenation by redirecting revenues from the reserve assets to subsidize sequencer costs, according to a blog post.
"USDm means little fees for users and a much expressive plan abstraction for applications," MegaETH co-founder Shuyao Kong said successful the blog post. "We are excited to enactment with Ethena to alteration a win-win script for each stakeholders successful our ecosystem."
The token volition beryllium backed successful the opening by Ethena's USDtb, a yield-generating token backed by BlackRock's tokenized wealth marketplace money BUIDL. Later, different and aboriginal Ethena-issued tokens whitethorn beryllium added specified USDe, MegaETH said successful a blog post.
Ethena's governance token, ENA (ENA), gained 7% implicit the past 24 hours, outperforming the broader crypto market.
Stablecoins are a fast-growing, $270 cardinal radical of cryptocurrencies, predominantly with prices tied to the U.S dollar. They service arsenic a superior liquidity and trading pairs connected crypto venues, and are besides progressively utilized for cross-border payments promising faster, cheaper transactions connected blockchain rails compared to accepted banking channels. They received a regulatory boost earlier this twelvemonth successful the U.S. erstwhile President Donald Trump signed the GENIUS Act, the archetypal large portion of crypto authorities successful the country, into law.
MegaETH's stablecoin is the latest illustration of crypto ecosystems making steps to contented a proprietary stablecoin with a work supplier alternatively of solely relying connected the existing stablecoin offerings, presently dominated by Circle's USDC and Tether's USDT.
Popular crypto wallet MetaMask precocious announced the motorboat of its ain stablecoin with infrastructure providers M0 and Stripe's Bridge, portion Hyperliquid, a layer-1 web known for its fashionable on-chain perpetual swaps exchange, is holding an audition for a stablecoin issuer spouse for its ain token.
MegaETH's token program besides highlights Ethena venturing into the stablecoin-as-a-service business, helping different crypto ecosystems to contented their ain stablecoins. The protocol is down the $13 cardinal integer dollar USDe, which supplier output by holding spot crypto similar bitcoin and ether portion selling (shorting) an adjacent magnitude of derivatives to harvest the backing rate.
Read more: Hyperliquid Faces Community Pushback Against Stripe-Linked USDH Proposal
English (US) 