Odaily News MegaETH announced on platform X, "We have decided to refund all funds raised through the pre-deposit bridge. Due to careless execution, the expected goal of a 1:1 dollar exchange on the Mainnet with our deposit collateral does not align. The subsequent impacts of this decision include: 1. Depositors' contributions will not be forgotten. However, all communications must comply with compliance standards (i.e., “At this stage, we must adhere to best practices in information disclosure”), and the refund process requires a new smart contract, which is currently under audit. Refunds will be issued as soon as the audit is completed. 2. USDm is an important component of the MegaETH economy and will receive support from many Frontier applications. Therefore, we will reopen the USDC to USDM conversion bridge before the launch of the Frontier Mainnet to enhance liquidity and simplify the user sign-up process before the launch.
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Traditional banking systems, constrained by regulation, capital requirements, and risk weights, generate spillover demand for US dollars, and stablecoins precisely fill this demand gap.
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The quality, transparency, and credibility of stablecoin collateral and issuers are becoming key factors in determining their price stability, liquidity priority, and long-term funding preferences.
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