USDM Stablecoin: Peg, Supply & Chains

Stablecoins

USDMCrypto-backedPegged USD

Nominal supply translated to USD at the reference peg, by UTC day.

Jan 2026 → Nov 2026

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				30d trend
MegaETH	$17.44M	99.82%	+$671.49K		143.5%
Ethereum	$31.64K	0.18%	+$268.00		0.0%

+$3.82M mints−$4.89M burnsnet −$1.07M

Not enough chain-level history to derive 24h bridge flows yet.

USDm is issued through Ethena's stablecoin stack, with mint/redeem facilitated on Ethereum mainnet via USDC then bridged to MegaETH.

MegaETH's native stablecoin.