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The MegaETH Foundation completed its first MEGA buyback on May 7, using net rewards from the USDm stablecoin issuer accrued through the end of April. The current USDm supply stands at $480 million.
The Foundation said the buyback is the start of a structured program tied directly to stablecoin usage. It did not disclose the exact size of the buyback, but stated that future purchases will be programmatic and executed onchain.
In its announcement, MegaETH said USDm usage is intended to prevent value from leaking to other stablecoin issuers by recycling rewards back into the MegaETH ecosystem rather than to stablecoin shareholders. MegaETH also framed the model as self-sustaining over time by connecting USDm usage to demand for the MEGA token.
“USDm usage prevents value leaking to other stablecoin issuers, and is recycled back into the MegaETH economy instead of the pockets of stablecoin shareholders.”
— MegaETH (@megaeth), May 8, 2026
MegaETH is an Ethereum layer-2 network built for fast consumer applications. USDm’s supply grew from roughly $63 million to $439 million following the network’s launch, and MegaETH said this rapid growth helped create the reward pool used for the first buyback.
The Foundation also clarified that USDm is not issued or operated by the MegaETH Foundation or MegaLabs. It said the available funds for each buyback period will vary based on USDm supply levels and prevailing returns on reserve assets.
Going forward, the Foundation plans to remove manual decision-making from the buyback process. It said there will be “no discretionary choices by the Foundation” and “no attempts to time the market,” with funds following a pre-determined schedule instead.
The team also intends to execute future buybacks directly on MegaETH’s own DeFi protocols, using onchain transactions through the network’s markets. The Foundation said this approach is designed to support MegaETH’s DeFi ecosystem while keeping capital circulating within the chain, and that it depends on the Foundation first setting up the necessary operational infrastructure.
MegaETH launched its MEGA token last Thursday after completing a seven-day countdown tied to onchain performance milestones.
At the time of writing, MEGA was trading at approximately $0.13, up around 6% over the prior 24 hours, according to CoinGecko data.
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