The USDM stablecoin appeared on the Cardano network
According to Plomin, over 2,000 partners are ready to integrate USDM, including decentralized exchanges and landing protocols. The coin will begin to enter the network gradually from March 18.
The Mehen Finance project launched the USDM stablecoin pegged to the US dollar on Cardano, albeit with a significant delay.
#CardanoCommunity,$USDM IS HERE!
— $USDM on Cardano (@MehenOfficial) March 17, 2024
policyID - c48cbb3d5e57ed56e276bc45f99ab39abe94e6cd7ac39fb402da47ad
assetName - 0014df105553444d pic.twitter.com/gnkh4NikDS
The USDM mechanism allows you to issue and repay an asset through the dollar. This differs from the "stable coins" Djed and iUSD already working on Cardano, which are algorithmic and synthetic, respectively.
The Mehen Finance team published the white paper of the stablecoin in November 2022.
The founding partner of the project, Matthew Plomin, confirmed during the AMA session at X Spaces that the launch of the coin was planned for 2023. However, everything changed with the emergence of problems for regional banks in the United States, when Silicon Valley Bank, Silvergate and Signature Bank closed about a year ago.
According to Plomin, Mehen's remaining banking partner, Cross River, also severed ties, switching to cooperation with Circle, the issuer of the second largest USDC stablecoin.
As a result, the team resorted to the services of the fintech startup Plaid to ensure the issuance and repayment of USDM. According to Mehen Technical Director Siten Fischer, the cooperation was established in August 2023.
#Mehen development update:
— Steven Fisher | Mehen CTO (@mehen_cto) August 16, 2023
Added the ability to add your Bank through Plaid. I still need more work on the Bank management, but this is the key piece to it all.
Adding your bank will allow you to deposit USD to mint $USDM and allow you to burn USDM to receive USD.
This is… pic.twitter.com/cOvxYp3G06
According to Plomin, over 2,000 partners are ready to integrate USDM, including decentralized exchanges and landing protocols. The coin will begin to enter the network gradually from March 18.
Source: https://forklog.com/news/v-seti-cardano-poyavilsya-stejblkoin-usdm
