MegaETH will open pre-deposits for its USDm stablecoin on Tuesday, Nov. 25, the first step in distributing the asset ahead of the project’s mainnet launch.
USDm is issued on Ethena’s USDtb rails through Ethena’s Whitelabel system, a structure MegaETH says will eventually allow stablecoin reserve yield to help offset sequencer operating costs once the chain is live.
The pre-deposit program carries a $250 million cap, with individual deposits uncapped and processed on a first-come, first-served basis.
However, participation is tightly constrained. Users must have completed KYC verification during MegaETH’s recent MEGA token sale last month — a sale that drew more than $1.39 billion in maximum bids. Residents of numerous jurisdictions, including the U.S., U.K., China, and Russia, are barred entirely.
Only USDC on Ethereum will be accepted, and deposits are locked until the mainnet launch. Pre-depositors "will get consideration towards the Rewards Campaign," MegaETH's FAQ states.
MegaETH describes itself as a real-time, Ethereum-secured Layer 2 built to support extremely low-latency, high-throughput applications — a design that relies on stable, predictable sequencer costs, which USDm is intended to help achieve.
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