“The Yield Earned on the Reserve Assets Wuld Cover The Blockchain’s Sequencer Fees, Helping Keeping the Transaction Costs Low, Megath Said.”, – WRITE: www.coindesk.com
The token, Dubbed USDM, Will Be Embedded Closely Into Applications and Protocols Built on Top of The Network and AIMS to HELP KEEP TRANSACTION COSTS LOW ON THE CAINE REDESSTING Subsidize Sequencer Costs, Account to A Blog Post.
“USDM Means Lower Fees for USers and A More Expressive Design Space for Applications,” Megath Co-Funder Shuyao Kong Said in the Blog Post. “We Are Excited to Work with Ethena to Enable a Win-Win Scenario for All Stakeholders in Our EcoSystem.”
The Token Will Be Backed in the Beginning by Ethena’s USDTB, A YIELD-GENERATING TOKEN Backed by Blackrock’s Tokenized Money Market Fundl. Later, Other and Future Ethena-Sissued tokens May Be Adreded Such USDE, Megath Said in A Blog Post.
Ethena’s Governance Token, ENA (ENA), Gained 7% Over The Past 24 Hours, OutperForming The Broader Crypto Market.
Stablecoins are a fast-growing, $ 270 Billion Group of Cryptocurrencies, Predominantly with Prices Tied to the Us Dollar. They serve as a Primary Liquidity and Trading Pairs on Crypto Venues, and are Also Increasing for Cross-Border Payments Promising Faster, Cheaper Transactions on Blockchain. They Received a Regulatory Boost Earlier Itar in the US WHEN President Donald Trump Sigrated The Genius Act, The First Major Piece of Crypto Legislation in the Country, Into Law.
Megath’s Stablecoin is the Latest Example of Crypto Ecosystems Making Steps to Issue by Circle’s USDC and Tether’s USDT.
Popular Crypto Wallet Metamask Recently AnnounCed The Launch of It Own Stablecoin with Infrastructure Providers M0 and Stripe’s Bridge, While Hyperliquid, A Layper-1 Layper On -chain Perpetual Swaps Exchange, Is Holding An Audition for a Stablecoin Issuer Partner for It Own Token.
Megath’s Token Plan Also Highlights Etena Venturing Into The Stablecoin-AS-A-A-SERVICE BUSINESS, HELPING Other Crypto Ecosystems to Issue Their Own StableCoins. The Protocol Is Behind The $ 13 Billion Digital Dollar USDE, WHICH PROVIDER YIELD by Holding Spot Crypto Like Bitcoin and Ether While Selling (Shorting)
Read More: Hyperliquid Faces Community Pushback Against Stripe-Linked USDH Proposal
The Company Began Acquire Hype Tokens in Late June, Having Previoously Announced It Hyperliquid Treasury Initiative
- Lion Group Plans to Exchange All of Its Sol and Sui Holdings for Hype Tokens.
- The Singapore-Based Trading Platform Operator is Aiming to Capitalize on the Launch of Custody Services for the Hyperliquid EcoSystem in the US by Digital Asset Custodian Bitgo.
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