The MegaETH Foundation has completed its first MEGA buyback, bringing the current USDm supply to approximately $480 million.

CoinFeed reported on May 8th that the MegaETH Foundation announced the official launch of its MEGA token buyback program, with the first buyback completed on May 7th. The funds used were all net proceeds generated by the USDm issuer as of the end of April. The official statement indicated that the current USDm supply is approximately $480 million. Future MEGA buybacks will be executed programmatically as much as possible, running automatically according to preset rules, rather than being operated by the foundation at its own discretion. The amount of funds available for each subsequent buyback will not be fixed and will be affected by changes in the USDm supply and the yield of the underlying reserve assets. The statement also emphasized that USDm is not issued or operated by the MegaETH Foundation or MegaLabs.