The MegaETH Foundation has commenced its MEGA token buyback program, completing the first buyback on May 7 using net earnings from the USDm issuer as of April's end. The foundation clarified that USDm is not issued or operated by MegaETH Foundation or MegaLabs. Currently, USDm's supply stands at approximately $480 million.
Future buybacks will be conducted programmatically, adhering to predefined rules. The funding for each buyback round will vary based on USDm supply and the yield from reserve assets, ensuring flexibility in the buyback process.
MegaETH Foundation Initiates MEGA Token Buyback with USDm Earnings
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