Ethena Labs has partnered with MegaETH issue USDm, a native stablecoin designed to optimize real-time applications on its blockchain, according to MegaEth’s blog.
MegaEth aims to stand out from other networks built on Ethereum by utilizing a JIT (just-in-time) compilation in order to scale and increase the speed of EVM transactions, aiming for a 1-ms throughout and can hold up to 100,000 in TPS.
By working with Ethena to issue its own stablecoin, the L2 will reduce its fees for onchain services.
The company shared this news on its X page:
Ethena joined in announcing this collaboration, revealing that this is part of their new ‘SaaS – Stablecoin as a Service’ model and that there are already several native projects on the chain that are looking to utilize the USDm for better onchain incentives.
Additionally, the team shared reserve details, including a USDtb backing.
The company stated the following in an X post:
Recently passing a $12B circulating supply, Ethena is currently in the spotlight as a top stablecoin quickly becoming an industry player supporting DeFi native chains.
With USDm, MegaETH aims to create a more efficient and user-friendly blockchain experience, supporting a wide range of products that thrive on low transaction costs.
