USDM MegaUSD Rank #686

MegaUSD (USDM) is a stablecoin native to the MegaETH ecosystem, designed to support real-time onchain applications. It is issued through Ethena's stablecoin infrastructure, connecting it to one of the more established synthetic dollar protocols in decentralized finance. MegaUSD is built specifically for MegaETH, a high-performance blockchain secured by Ethereum. MegaETH uses a heterogeneous architecture and a hyper-optimized execution environment to deliver streaming throughput with sub-15 millisecond latency and capacity of up to 100,000 transactions per second, while maintaining full composability with Ethereum. The result is a network where transactions settle near-instantly and applications can stream state updates in real time. Within this setting, MegaUSD functions as a dollar-denominated asset integrated across wallets, applications, and onchain services running on MegaETH. Its role is to provide a stable unit of account and medium of exchange for the protocol's real-time financial and computational use cases, bridging Ethena's stablecoin stack with MegaETH's execution layer.