MegaETH will open a pre-deposit window for its USDm stablecoin on Nov. 25, ahead of its mainnet launch.

The pre-deposit will be capped at $250 million, and operates on a first-come, first-served basis with no individual deposit limits.

This story is an excerpt from the Unchained Daily newsletter.

The USDm stablecoin is powered by Ethena Labs using the USDtb framework and is designed to offset sequencer costs on the Ethereum-secured layer 2 MegaETH network.

“USDm going live under Ethena’s whitelabel stack plus a hard cap on deposits is exactly the kind of controlled rollout you want for something this size,” noted X user @RizkyanaMaryll.

Participants will be required to have completed KYC verification during MegaETH’s recent token sale, which attracted a $1.39 billion bid.