Cardano Gets NEW, Innovative Stablecoin!
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March 19, 2024 9:48 pm
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A new stablecoin has launched on the Cardano blockchain network with a revolutionary approach to issuing tokenized fiat equivalents.
USDM, issued by the Mehen finance firm, is a revolutionary new stablecoin that utilizes 1:1 fiat backing, meaning the fiat assets backing the digital coins are actually stored in a bank.
While other stablecoin issuers claim to be fully solvent in terms of reserves, we have seen many of them lose their dollar pegs or face collapses.
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The new stablecoin is also reportedly more censorship-resistant than stablecoins like Tether’s USDT.
ProCoin News recently reported that Tether collaborated with U.S. authorities to seize funds from an alleged scam wallet. While tracking down and seizing funds from scammers is always a noble pursuit to be commended, Tether’s recent actions show that any USDT wallet can be frozen by the company.
Isn’t centralized control what we were all trying to avoid with cryptocurrencies and blockchain technology? Ponder this as you read on about Cardano’s new stablecoin:
The $USDM stablecoin is officially live on the #Cardano mainnet! Congrats to the entire @MehenOfficial team! 🥂 pic.twitter.com/HZEui0wZKv
— Dapp Central (@dapp_central) March 17, 2024
What does Cardano need most?
Cardano has never been stronger.
👉 Dubai Police plans to use Cardano for data integrity.
👉 Institutional investors have access to $ADA staking through ETP.
👉 Cardano has the first USD-backed stablecoin $USDM.
👉 According to scientists,…— Cardanians (CRDN) (@Cardanians_io) March 19, 2024
We are excited to be working together with @MehenOfficial 🤝
The first fiat-backed stablecoin on Cardano, $USDM boasts a 1:1 USD reserve with proof of reserve will be listed on Minswap DEX.
Learn more👇 https://t.co/yBVamVq3M5
— Minswap Labs (@MinswapDEX) March 15, 2024
Daily Hodl provided a portion of this press release from Mehen:
“USDM represents a paradigm shift in the world of stablecoins, bridging the gap between traditional fiat currencies and the decentralized realm of blockchain.
Backed by verifiable reserves and leveraging the Cardano network’s robust infrastructure, USDM sets a new standard for stability, transparency, and efficiency in the digital asset space.”
One user touted USDM’s other features: “Cardano has a unique USD-backed stablecoin USDM. The Mehen team cannot censor USDM transactions. The team cannot freeze accounts with USDM. This is the power of Cardano’s native assets. The USDM has the same characteristics as ADA in terms of transfer and holding.”
Cardano has a unique USD-backed stablecoin $USDM.
– The Mehen team cannot censor USDM transactions
– The team cannot freeze accounts with USDMThis is the power of #Cardano's native assets.
The USDM has the same characteristics as $ADA in terms of transfer and holding. pic.twitter.com/g4IK9TTVOr
— Cardano YOD₳ (@JaromirTesar) March 19, 2024
Coin Telegraph added:
USDM officially launched on Cardano on March 17 but is currently only available to institutional users. “Retail rollout will likely be in April,” Mehen Finance founding partner Matthew Plomin told Cointelegraph.
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