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MegaETH, in partnership with Ethena Labs, officially announced its native stablecoin, USDm, designed to lower transaction fees on its Layer 2 network.

MegaETH completed its public MEGA token sale, which was oversubscribed and attracted over $1.39 billion in bids. KYC from this sale was required for the USDm launch.

The pre-deposit window for USDm opened with a $250 million cap, experiencing immediate technical issues, outages, and overwhelming user demand.

A multisig configuration error allowed a community member to prematurely execute a cap increase, leading to deposits surging past $400 million unexpectedly.