According to CoinMeta, as reported by Castle Labs, the current supply of Megaeth's native stablecoin USDM is approximately 18 million US dollars, which represents a decrease of over 95% from its peak of around 600 million US dollars in May this year. USDM was launched in collaboration between Megaeth and Ethena; its reserve funds are allocated to the BlackRock BUIDL fund, and the generated earnings are used for the repurchase and destruction of Megaeth tokens. Based on the current supply of about 18 million US dollars and an estimated SOFR of around 3.6%, USDM can generate approximately 650,000 US dollars in revenue annually. It is believed that the significant decline in its supply is related to the decrease in on-chain usage of Megaeth.