With USDm, MegaETH is borrowing a page from the Fed’s playbook of using seigniorage to cut costs for the US economy. What is seigniorage? Think of it this way: if it costs the U.S. Treasury just 5 cents to print a $1 bill, that leftover 95 cents is pure profit, known as seigniorage. Additionally, when central banks issue $100 of new money, they typically buy $100 worth of Treasuries. The interest earned on those Treasuries is also broadly seigniorage. This “profit” allows governments to earn revenue curbing the need to raise taxes. Ethena captures a similar form of seigniorage through its secondary digital dollar, USDtb. The stablecoin is backed ~2/3rd by BlackRock’s BUIDL fund, ~1/3rd by USDC, and a small amount by USDT. Simply by holding a majority of reserves in BUIDL, Ethena quietly generates yield. USDtb reserves have so far provided $25M in revenue to Ethena, most of it in the last 5-6 months. MegaETH’s new stablecoin, USDm, takes this concept and gives it a network-level...