MegaUSD (USDM) is a crypto-backed US dollar stablecoin. It has about $16.8M in circulation, ranking #113 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is USDM?
MegaUSD (USDM) is a crypto-backed US dollar stablecoin. It has about $16.8M in circulation, ranking #113 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: MegaETH's native stablecoin.
USDM supply history
USDM supply fell 5.5% over the past 30 days, to $16.8M. Its peak was $578M in May 2026, and supply is 97% below that high.
Is USDM holding its peg?
USDM is trading 0.5–2% from its target. Small coins often drift like this on thin markets. A gap that persists usually reflects redemption friction or doubts about the backing.
Where USDM lives: supply by blockchain
Supply is concentrated: MegaETH holds 100% of all USDM. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDM is backed
USDM is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: USDm is issued through Ethena's stablecoin stack, with mint/redeem facilitated on Ethereum mainnet via USDC then bridged to MegaETH.
USDM risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $16.8M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
At the last update USDM traded at $1.0070 against a target of 1.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDM vs USDT and USDC
Similar crypto-backed stablecoins
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USDM FAQ
What is USDM?
MegaUSD (USDM) is a crypto-backed US dollar stablecoin. It has about $16.8M in circulation, ranking #113 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is USDM pegged 1:1 to the US dollar?
USDM targets 1 USD. At the last update it traded at $1.0070, a deviation of +0.70%, which we classify as "slightly off peg".
What backs USDM?
USDM is a crypto-backed stablecoin. USDM is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is USDM on?
USDM is live on 2 blockchains. The largest by supply are MegaETH ($16.8M), Ethereum ($31K).
How much USDM is in circulation?
About $16.8M of USDM was in circulation at the last update, -5.5% over 30 days. That makes it the #113 stablecoin by supply among those we track.
Is USDM safe?
No stablecoin is risk-free. As a crypto-backed design, USDM's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "slightly off peg" on our peg monitor. This page is information, not investment advice.