MegaETH, an Ethereum Layer 2 scaling solution developed by MegaLabs, has officially announced the launch of its native stablecoin called USDm. This initiative was developed in collaboration with Ethena, a protocol known for its innovative approach to synthetic dollar assets.

The USDm stablecoin is designed to bring high efficiency, scalability, and trustless stability to the Ethereum ecosystem. According to the announcement, USDm will initially be integrated into key DeFi protocols within the MegaETH network, supporting borrowing, trading, and yield strategies.

By launching USDm, MegaETH aims to compete with existing stablecoin ecosystems such as USDT and USDC, offering a decentralized and Ethereum-native alternative. Ethena's involvement is seen as a strategic move to strengthen the credibility and adoption of the new stablecoin.

This launch highlights the ongoing innovation in Ethereum Layer 2 ecosystems and the race among scaling networks to provide superior financial infrastructure for decentralized applications.