Slide 1: Mega Matrix Inc. September 2025
Mega Matrix Inc. (NYSE American: MPU) September 2025
Slide 2: Forward-looking statements
This presentation and other written or oral statements made from time to time by representatives of Mega Matrix Inc. (sometimes referred to as “Mega Matrix”) contains forward - looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Re
Slide 3: Investor Notice
Investor Notice Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward - looking statements described under “Risk Factors” in our most recent annual report on Form 20 - F, filed with the SEC
Slide 4: Mega Matrix Targets to be the No.1 Stablecoin Focused DAT Company
Mega Matrix Targets to be the No.1 stablecoin Focused DAT Company
Slide 5: Digital Asset Treasury Strategy on Stablecoin and Governance Token Pairs
To Develop Digital Asset Treasury Strategy on Stablecoin and Governance Token Pairs
Slide 6: As Strategic Reserve Asset
As Strategic Reserve Asset
Slide 7: Stablecoin: Future of Digital Dollar
Note: 1. Standard Chartered: Stablecoin Market Could Grow to $2T by End - 2028 Source: https:// www.coindesk.com/markets/2025/04/15/stablecoin - market - could - grow - to - usd2t - by - end - 2028 - standard - chartered Stablecoin : Future of Digital Dollar
Slide 8: Mass Adoption in Stablecoin
$287B Market Cap 1 $3.22T Monthly Transfer Volume 2 26M+ Monthly Active Addresses 3 193M+ Number of Holders Mass Adoption in Stablecoin Note: 1. Sum of circulating market cap of all tracked stablecoins as of Sep 26 th , 2025 2. Sum of value transferred on - chain across all tracked stablecoins in th
Slide 9: With Huge Growth Potential
With Huge Growth Potential Source: Standard Chartered ”Stablecoins: The first killer app” (https://av.sc.com/corp - en/nr/content/docs/sc - stablecoins - the - first - killer - app.pdf) At present, stablecoins are equivalent in size to only and just . As the sector becomes legitimized, a move to mea
Slide 10: Dual Engines for Stability & Growth
Dual Engines for Stability & Growth
Slide 11: Ethena: Leading DeFi Protocol, Governance Token ENA
$4.0B $ENA Market Cap 15B Total $ENA Supply $14.3B USDe Supply $1.8B USDtb Supply 19% sUSDe APY 2024 24 Chains Accepted 813K Users 6% sUSDe APY current Ethena is a Leading DeFi Protocol on Ethereum, Issuing Crypto - Native Digital Dollars, whose governance token is $ENA Source: CoinMarketCap, https:
Slide 12: Ethena is the issuer of USDe
▪ Ethena is the issuer of USDe, the 3rd largest digital dollar behind Tether (USDT) and Circle (USDC), and manages the issuance of USDtb, the 8th largest digital dollar. Source: DefiLlama.com as of Sep 26 th , 2025 Note: 1. While USDtb is issued by a third party, Ethena Labs created the architecture
Slide 13: Ethena USDe and USDtb
- 3rd largest tokenized dollar asset - Offering relative stability to USD, without reliance on traditional banking - Peg stability supported via delta - neutral hedging of crypto assets - Revenue is generated from staking and funding rates - Collateral held in "Off - Exchange Settlement" solutions t
Slide 14: How USDe works
Web3 Wallets ▪ Ethena’s USDe is a crypto - native synthetic dollar utilizing spot assets as backing, on - chain custody, and centralized liquidity venues Centralized Exchanges OES Providers USDe Redeem Receive USDT USDe Mint Deposit USDT Protocol Source: https://docs.ethena.fi/how - usde - works
Slide 15: Ethena Protocol Revenue Explanation
Funding & Basis Spread When minters provide assets in minting USDe, Ethena opens corresponding short derivatives to hedge the delta of the received assets. Historically, there has been a positive funding rate & basis spread earned by participants who are short this delta exposure. Staking Ethereum S
Slide 16: System Backing and Venue Breakdown
USDe Total Supply Total Backing (+ Reserve Fund) Protocol Backing Ratio 26.4% 7.9% 3.1% 62.2% 0.4% SOL 20.0% 13.0% 7.0% 1.0% 59.0% Binance Bybit OKX Deribit Undelegated BTC ETH ETH LSTs Liquid Stables Source: https://app.ethena.fi/dashboards/transparency Note: As of Sep 26 th , 2025 System Backing V
Slide 17: ENA Governance Token
Governance Re - staked $ENA sENA $ENA holders votes to elect members of the Risk Committee, which then votes on key protocol decisions, including risk management and asset allocation Infrastructure Security & Utility • Re - stake via Symbiotic pools • Cross - chain transfers using LayerZero messagin
Slide 18: Sky Protocol, Governance Token SKY
$8.1B USDS&DAI Supply 17B Total Value Locked $1.5B SKY Market Cap 23.46B SKY Total Supply 635K Protocol Users 4.75% Sky Savings Rate Sky Protocol is the evolution of MakerDAO on Ethereum, whose governance token is $SKY, issuing USDS — a decentralized digital dollar Source: CoinMarketCap, https://inf
Slide 19: Sky Protocol is the issuer of USDS
Source: DefiLlama.com as of Sep 26 th , 2025 ▪ Sky Protocol is the issuer of USDS, the successor to DAI and the 2 nd latgest decentralized digital dollars, following Ethena’s USDe.
Slide 20: SKY Token and USDS Stablecoin
- Governance token replacing MakerDAO’s MKR, designed for long - term resilience and regulatory alignment - Controls protocol parameters, collateral onboarding, rate settings - Successor to DAI, pegged 1:1 to USD - Backed by diversified collateral: ETH, stETH, RWAs, and others - Savings variant sUSD
Slide 21: USDS Backing and Diversification
USDS Total Supply DAI Total Supply Protocol Backing Ratio 35.4% 9.8% 9.6% 9.2% 6.5% 29.6% USDC cbBTC JAAA wstETH ETH Others 47.2% 30.5% 14.7% 6.1% 1.1% Spark Core Stablecoins Legacy RWA Grove Staking Engine Source: https://info.sky.money/supply, https://info.sky.money/, https://info.sky.money/supply
Slide 22: Hyperliquid, Governance Token HYPE
Hyperliquid is a leading decentralized perpetuals exchange built on its own high - performance Layer - 1, whose governance token is $HYPE Source: CoinMarketCap, https://defillama.com/protocol/hyperliquid Note: as of Sep 26 th , 2025 991K Total Users $14.3B HYPE Market Cap 0.07s Block Time $16B Daily
Slide 23: Hyperliquid Ecosystem
• Perps & Spot Order Books: Core applications on HyperCore • More Than Trading: Just the beginning of the ecosystem • HyperCore: High - performance engine for financial primitives • HyperEVM: General - purpose layer, fully compatible with Ethereum tooling • Unified State: HyperCore + HyperEVM integr
Slide 24: HYPE Token and USDH Stablecoin
- Ranked 11st among on chain market cap - Native governance & utility token of the Hyperliquid Layer - 1 blockchain - Total supply: ~1 billion HYPE tokens - USD - pegged stablecoin under Hyperliquid and will be deployed natively on HyperEVM - USDH ticker awarded to and expected to be issue/manage by
Slide 25: Aster Decentralized Exchange
Aster is a decentralized exchange offering both Perpetual and Spot trading, which also issues USDF, a yield - bearing stablecoin and managed with delta - neutral strategies. Source: CoinMarketCap, https:// www.asterdex.com/en Note: as of Sep 26 th , 2025 2M Users $3.06B ASTER Market Cap $1B Total Va
Slide 26: ASTER Token and Allocation
- Core governance & utility token of the Aster decentralized exchange ecosystem - Powers the Aster Chain , a high - performance, privacy - focused Layer - 1 - Maximum supply: 8B $ASTER - Governance: $ASTER holders vote on key protocol parameters and treasury usage - Staking / Security: Users stake $
Slide 27: USDF Yield-Bearing Stablecoin for Aster
- USD - pegged stablecoin issued by Aster, backed 1:1 with USDT - USDF is yield - bearing — holders can stake USDF to mint as USDF, which accrues returns - Fully integrated into Aster’s DEX: used as trading collateral, settlement currency, and in yield products Yield - Bearing Stablecoin for Aster -
Slide 28: STBL Platform
$240M STBL Market Cap STBL is a decentralized platform that lets users mint stablecoins backed by real - world yield - generating assets. It provides passive yield, decentralization, and security — without staking or lockups. Source: CoinMarketCap, Note: as of Sep 26 th , 2025 500M STBL Circulating
Slide 29: STBL Governance Token and Stablecoin
Source: https:// www.stbl.com/token/#communityGoverned Governance Token (coming soon) Dollar denominated stablecoin, fully fungible and backed by high quality real - world assets. (coming soon) A tokenized stream of yield generated from the collateral, giving seamless exposure to returns without sta
Slide 30: Risk factors
• Stablecoins and their Stablecoin Governance Tokens are a highly volatile asset, and MPU’s operating results may significantly fluctuate, including due to the highly volatile nature of the price of Stablecoins and their Stablecoin Governance Token and erratic market movements. • MPU operates in a h
Slide 31: Mega Matrix Inc.
Mega Matrix Inc. (NYSE American: MPU)