USDm supply drops to $18 million from a $600 million peak, driven by declining network activity, per research data.
MegaETH’s stablecoin USDm has seen its circulating supply collapse to approximately $18 million, a 95% decline from its May peak of $600 million. The sharp reduction reflects waning usage of the MegaETH network, according to recent analysis.
USDm was introduced in partnership with Ethena, with reserves allocated to BlackRock’s BUIDL fund to generate yield. At current levels and a 3.6% SOFR, the stablecoin would produce roughly $650,000 in annual yield, down significantly from earlier projections.
The report did not specify immediate market reactions to the supply contraction, focusing instead on the structural decline in network engagement.