PANews reported on May 8 that the MegaETH Foundation announced the official launch of the MEGA token buyback program, and the first MEGA buyback was completed on May 7, using funds from all net proceeds generated by the USDm issuer as of the end of April.

The official statement indicates that the current supply of USDm is approximately $480 million. Future MEGA buybacks will be executed as much as possible through a programmatic mechanism, running automatically according to preset rules, rather than being operated by the foundation at its own discretion. The amount of funds available for buybacks in each subsequent period will not be fixed and will be affected by changes in the supply of USDm and the yield of the underlying reserve assets. It is also emphasized that USDm is not issued or operated by the MegaETH Foundation or MegaLabs.