USDm, issued by a separate stablecoin issuer that MegaETH states is not the MegaETH Foundation or MegaLabs, is a yield-bearing stablecoin that serves as the native U.S. dollar (USD) unit of account for the MegaETH layer 2 network [S1].

USDm is pegged to the U.S. dollar (USD) and issued on Ethena's USDtb rails, where reserves are primarily invested in BlackRock's tokenized U.S. Treasury fund (BUIDL) via Securitize, alongside liquid stablecoins for redemptions, with the underlying USDtb rails targeting an approximately 90% allocation to BUIDL [S1]. Reserve yield is not passed to tokenholders; it is programmatically directed to cover sequencer operations, enabling at-cost gas, and to fund the MEGA token buyback [S1][S2].

MegaETH discloses that USDm does not come from the MegaETH Foundation or MegaLabs but from a separate issuer not named on its own domains [S1]. The MegaETH Terms of Use disclaim regulated-instrument status, stating none of the Tokens constitute an investment contract, security, commodity, swap, derivative, or financial instrument [S3]. General Terms of Use require users to be at least eighteen years old with legal capacity and prohibit access by persons in comprehensively sanctioned jurisdictions or on sanctions lists such as the Specially Designated Nationals and Blocked Persons List [S3]. Reserves include liquid stablecoins for redemptions [S1].

USDm is the native stablecoin of MegaETH Mainnet, the high-performance layer 2 protocol on Ethereum that settles to Ethereum L1 and launched April 30, 2026 [S2][S3]. Users obtain USDm by converting USDC to USDm at a 1:1 rate via the MegaETH bridge [S1]. The USDtb rails support 24/7 atomic swaps between USDtb and BUIDL to tighten settlement [S1].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://www.megaeth.com/blog-news/megaeth-introduces-usdm" },
    { id: "S2", url: "https://www.megaeth.com/token" },
    { id: "S3", url: "https://www.megaeth.com/terms-of-use" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Stablecoins

Decouples execution, sequencing, and verification into specialized roles to maximize hardware utilization. Settles to Ethereum as an L2. Run via a single sequencer model with stateless validation. Uses an EVM-compatible execution environment.

MegaETH is an Ethereum Layer 2 blockchain that targets 100,000+ transactions per second and sub-10ms block times. Its architecture separates sequencers, executors, and verifiers to maximize hardware efficiency and uses an in-memory state structure called SALT (Small Authentication Large Trie) to eliminate disk I/O during execution.

Founded by Shuyao Kong and Namik Muduroglu. MegaETH Labs leads protocol development; the network is intended to be operated by independent sequencers, executors, and verifiers.

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Blockchains (L2)

MegaETH

MegaUSD (USDm) is a U.S. dollar stablecoin issued by MegaETH.

USDm has been issued on public blockchains since December 2025 and is native to Ethereum and MegaETH.

MegaUSDUSDm