USDM went from $300M at MEGA TGE on April 30 to $500M+ in under 72 hours. This event triggers next KPI-based token unlock. Unlike standard vesting, 53% of 10B MEGA supply is locked behind performance milestones, not calendar dates.

USDM itself was built with Ethena and earns yield on USDtb reserves backed by BlackRock's BUIDL fund. The primary adoption driver has been Ethena stablecoin looping — users deposit USDE, borrow USDM, and repeat the cycle to earn approximately 6% yield. The 100M USDE cap filled immediately, with expansion to 500M already planned.