24h Change+0.54%
All Time HighJun 14, 2026$1.05
All Time LowJun 14, 2026$0.97
Market Cap$227.76m
Fully Diluted Valuation$227.76m
Circ. Supply227.99m USDM
CEX Volume$0
DEX Volume$851,273
Risk-management actions published about USDM by tracked risk managers and governance contributors, newest first.
The supply of USDm (MegaETH) moderated, driving the majority of a contraction in Ethena's total Whitelabel stablecoin supply from ~$560M to ~$300M during May.
A proposal was published to allow USDtb-backed whitelabel stablecoins like USDm to be held directly in USDe's backing. The rationale is that these are economically equivalent to direct USDtb holdings and would capture additional yield for sUSDe holders.
USDm, with verifiable onchain backing in a Coinbase wallet and audited smart contracts, enables yield optimization in USDe backing similar to direct USDtb holdings, supported by its independent liquidity buffer and post-GENIUS Act redemption pathways through Anchorage or USDe facility.
Ethena's white label USDm launched on MegaETH, contributing to white label stablecoins crossing $100M total supply for the first time alongside other variants.
USDM is added as a borrowable stablecoin in e-modes with WETH, BTC.b, and LST collaterals, featuring conservative slopes and caps derived from updated risk analyses for MegaETH deployment.
USDm launched as MegaETH's native stablecoin, backed by USDtb reserves in BlackRock's BUIDL fund and liquid stables, with yield funding low gas fees to attract users and builders. Design allows future inclusion of other Ethena assets like USDe for flexible L2 infrastructure support.
Mountain Protocol has announced the deprecation of USDM, prompting advice for borrowers to repay loans and depositors to withdraw for redemption. Borrow rates are escalating from 16% and doubling weekly up to 800% to accelerate the exit and mitigate ongoing exposure risks.
USDM provides good liquidity through 24/7 redemptions backed by BUIDL USDC and market makers like Wintermute, alongside a licensed structure and backing from leading investors. Its lower fees compared to BUIDL and integration in DAOs make it ideal for diversifying reserve risk while maintaining stability.
USDM's reserves are backed by a diverse portfolio of short-term U.S. Treasuries, money market funds, and over-collateralization with cash and USDC, managed by Bermuda-licensed E.Q. Capital in bankruptcy-remote accounts. Custody uses Fireblocks for digital assets and regulated institutions, ensuring liquidity, minimal interest rate risk, and protection against bank runs via a 50 bps equity buffer.
USDM is backed 1:1 by short-term U.S. Treasuries held in bankruptcy-remote accounts, regulated by the Bermuda Monetary Authority, and provides rebasing yield around 5% APY with monthly attestations by Nephos Group confirming full collateralization. Risks include centralization in operations managed by Mountain Protocol and E.Q. Capital, temporary holdings in USDC and cash (6% of reserves as of November 2023) due to settlement delays, and reliance on off-chain proofs rather than real-time on-chain verification.
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Showing 10 of 29 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabADA-USDMV2 | $1.63m | 27.01% | 26.60% | 0.41% | 15.02% | ||||
| open in new tabUSDM | $934,760 | 7.58% | 7.58% | 7.13% | |||||
| open in new tabUSDC-USDM | $532,792 | 14.31% | 0.08% | 15.36% | |||||
| open in new tabNIGHT-USDMV2 | $470,585 | 15.80% | 15.38% | 0.42% | 8.34% | ||||
| open in new tabGBPM-USDM | $414,784 | 22.64% | 0.58% | 22.15% | |||||
| open in new tabEURM-USDM | $280,797 | 21.79% | 0% | 20.97% | |||||
| open in new tabUSDM | $75,804 | 10.94% | 10.94% | 6.81% | |||||
| open in new tabUSDCX-USDMV2 | $42,694 | 27.39% | 21.84% | 5.55% | 12.59% | ||||
| open in new tabUSDM-GBPM | $22,557 | 34.00% | 34.00% | 9.40% | |||||
| open in new tabWETH-USDMLeverage ratio: 2 | 🪂 | $18,236 | 156% | 0.40% | 156% | 185% |
No borrow routes found using USDM as collateral.
