We’re excited to share that Nunchi will support USDm (megaETH’s native stablecoin) — built in collaboration with Ethena Labs — across both collateral and yield markets on our exchange.

USDm represents a major step forward in the evolution of synthetic stablecoins: yield-aware, ETH-native, and designed to scale with on-chain liquidity. By integrating USDm, Nunchi expands what’s possible for stable-backed derivatives and structured rate products.

Introducing Perps on USDm Yield

Nunchi is the first perpetuals exchange purpose-built for rate, yield, and structured assets. By integrating USDm, we’re launching:

Perpetual contracts on USDm yield

This allows traders and institutions to:

Go long or short USDm’s yield profile with leverage
Hedge stablecoin rate exposure without leaving megaETH
Express directional views on adoption of Ethena’s stability layer
Build new structured products combining USDm yield with other rate perps

With Nunchi, USDm expands beyond being a stable asset to become a fully tradable instrument in rate markets.

Supporting USDm as Collateral on Nunchi

In addition to listing perps on its yield, Nunchi will accepts USDm deposits as collateral. This creates meaningful capital efficiency for traders:

Post USDm directly as margin across all Nunchi markets
Retain Ethena’s embedded stability benefits while trading
Cross-margin against other collateral types, from stETH to tokenized T-bills

This integration enables USDm holders to put their stable liquidity to work while unlocking access to Nunchi’s full suite of rate derivatives.

About Ethena Labs and USDm (megaETH)

Ethena is the protocol behind USDe, the third-largest and fastest growing USD-denominated crypto asset in history with $13 billion in supply.Ethena is also a contributor to USDtb, the eight-largest stablecoin with $1.6b in supply, which has its reserves primarily in Blackrock BUIDL. Ethena has over $14.5 billion in TVL today across both products.

USDm (MegaETH stablecoin combines the resilience of synthetic collateral with the composability of DeFi-native money, making it a natural fit for Nunchi’s derivatives ecosystem.

What This Integrations Enables

By integrating USDm, Nunchi is extending its mission to make yield-bearing and structured assets tradable in perp form:

MegaETH users mint and hold USDm
Nunchi lists USDm Yield Perps
Traders hedge or speculate on yield in real time
USDm can be deposited as collateral to access all of Nunchi’s markets

With this integration, USDm evolves from a stable settlement asset into an active building block for rate trading, credit markets, and structured products on Nunchi.

Soon, USDm will be live on Nunchi and you can trade its yield, post it as collateral, and unlock the next chapter of stable-backed derivatives.