The Ethereum scaling solution MegaETH announced a partnership with Ethena to launch the stablecoin USDm, aimed at replacing the traditional sequencer markup model with stablecoin reserve income for paying sequencer operating costs, thereby reducing and stabilizing transaction costs. The first batch of USDm will be issued based on Ethena's USDtb system, with reserves including BlackRock's BUIDL U.S. Treasury Fund and liquidity stablecoins. Currently, USDm does not support direct conversion to fiat currency and can only be exchanged for USDtb. MegaETH stated that further details regarding MEV and other income mechanisms will be disclosed before the mainnet launch. (The Block)