MegaUSD

MegaUSD is the house dollar of MegaETH, a high-throughput chain that outsourced the hard parts of issuance to Ethena's stablecoin-as-a-service stack. The token rides on Ethena's USDtb rails, whose reserves sit mainly in BlackRock's tokenized Treasury fund BUIDL via Securitize, and MegaETH routes the yield those reserves throw off toward covering its own sequencer costs so ordinary transactions can run closer to at-cost. Issued by a BVI entity, USDM is institution-facing at the mint: direct creation and redemption are limited to KYC-approved counterparties, and on the underlying USDtb rails only Anchorage Digital Bank customers can mint or redeem, so retail holders enter and exit on the secondary market. It launched through a capped pre-deposit bridge rather than open issuance. In short, this is a chain-native dollar built less for holders to earn on and more to subsidize the network underneath it.