Analyzing this MegaETH scaling event reveals intensifying competition in the stablecoin market. The USDm cap was reduced from the original plan of 1 billion to 500 million, indicating the team is seeking a balance between risk management and market demand. chud.eth's early completion of the allocation operation exposed a contract vulnerability, highlighting the technical risks of decentralized finance. The response of CBB0FE, a major participant, is also noteworthy, as their investment dilution could trigger a chain reaction. Overall, this event underscores the governance, technical, and market challenges in stablecoin development. It is worth continuously monitoring fund flows and on-chain contract changes.