Denomination: USDM
World Markets on MegaETH is denominated in USDM, the MegaETH native stablecoin. Users can hold any spot-listed asset as collateral. Perps are settled in USDM and liquidation unwinds positions for USDM.
USDM is a very low liquidity stablecoin. Burning and minting USDM is only available to KYBed institutions, therefore, there is friction in supply adapting to market demand. It may be subject to market manipulation from bad actors, and/or natural spikes due to the thin liquidity.
World does not have any influence over the issuance or price of USDM. USDM is owned entirely and independently by the MegaETH team in partnership with Ethena.
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