The Ethereum Layer 2 protocol MegaETH, supported by Vitalik Buterin, has announced the upcoming launch of a yield-bearing stablecoin, which may provide it with a different business model compared to traditional L2s that drive revenue through transaction fees.

This stablecoin, named USDm, is being developed in collaboration with Ethena, an algorithmic stablecoin protocol with a total locked value (TVL) of $13 billion. USDm will be launched on Ethena's USDtb infrastructure, which allocates reserve funds into BlackRock's BUIDL—a tokenized U.S. Treasury fund with a market cap of $2.2 billion that offers stable returns, according to data from RWA.xyz.

Reportedly, the earnings generated from the stablecoin reserves will be used to offset sequencer fees, which are the Ethereum gas costs incurred by Layer 2 networks when submitting batches of transactions to the main chain.

The proposed model may reduce the demand for sequencer fees, instead generating revenue from alternative sources. MegaETH co-founder Kong Shuyao stated that the USDm stablecoin will "lower costs for users" and provide "more expressive design space for applications."

Yield-bearing stablecoins are digital assets that are pegged to other assets (such as fiat currencies) and generate returns for holders.

Following the passage of the GENIUS Act in the U.S., the supply of yield-bearing stablecoins has surged, as the act prohibits issuers from offering yield-generating stablecoins. Ethena's USDe and Sky's USDS are major beneficiaries of the strict regulations.

Sequencer fees have sparked controversy, particularly within the Ethereum ecosystem, with some arguing that the network should demand a larger share of fees.

According to Token Terminal data, Ethereum collected $1.1 billion in fees over the past calendar year. However, the amount of fees collected has significantly decreased since February.

Related: The total amount of tokenized gold on Ethereum has nearly doubled year-on-year | Layer 2 network Kinto is set to shut down

Original article: “Ethereum Layer 2 Network MegaETH Launches Yield-Bearing Stablecoin to Fund Protocol”

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