Castle Labs: MegaETH Stablecoin USDm Supply Falls Over 95% From May Peak

According to a new report from Castle Labs, the supply of MegaETH’s native stablecoin USDm has fallen to around $18 million, down more than 95% from its May peak of roughly $600 million. USDm was launched by MegaETH in collaboration with Ethena, with its reserves deployed into BlackRock’s BUIDL fund and the resulting yield used for MEGA token buybacks and burns. Based on the current supply and a SOFR of approximately 3.6%, Castle Labs estimates that USDm would generate about $650,000 in annual yield. The research attributes the sharp decline in USDm supply to falling usage of the MegaETH network.

Castle Labs: MegaETH Stablecoin USDm Supply Falls Over 95% From May Peak

According to a new report from Castle Labs, the supply of MegaETH’s native stablecoin USDm has fallen to around $18 million, down more than 95% from its May peak of roughly $600 million. USDm was launched by MegaETH in collaboration with Ethena, with its reserves deployed into BlackRock’s BUIDL fund and the resulting yield used for MEGA token buybacks and burns. Based on the current supply and a SOFR of approximately 3.6%, Castle Labs estimates that USDm would generate about $650,000 in annual yield. The research attributes the sharp decline in USDm supply to falling usage of the MegaETH network.

Source:https://twitter.com/wublockchain/status/2088063965981266139