{"id":163277,"date":"2024-03-18T12:39:58","date_gmt":"2024-03-18T12:39:58","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=163277"},"modified":"2024-03-18T12:40:01","modified_gmt":"2024-03-18T12:40:01","slug":"mehen-finance-introduces-usdm-cardanos-first-fiat-backed-stablecoin","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/mehen-finance-introduces-usdm-cardanos-first-fiat-backed-stablecoin\/","title":{"rendered":"Mehen Finance Introduces USDM: Cardano&#8217;s First Fiat-Backed Stablecoin"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Mehen Finance has launched USDM<\/span><\/strong><span data-preserver-spaces=\"true\">, the first fiat-backed stablecoin on the Cardano blockchain, marking a significant step towards broader adoption. The stablecoin is fully backed by the US dollar, offering a 1:1 conversion rate.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">USDM serves as a base asset for DeFi protocols<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0and enables instant on-chain payments. It will initially be available in 17 US states and will debut on Cardano\u2019s largest DEX, MinSwap, and Genius Yield.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Despite competition from other stablecoins,\u00a0<\/span><strong><span data-preserver-spaces=\"true\">USDM has unique use cases and competitive advantages<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">. The launch of USDM could significantly propel DeFi on the Cardano network.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\"><strong>Mehen Finance has officially <a href=\"https:\/\/cardanoscan.io\/transaction\/c6b0831fa16e101ae18de65c2a0c8825cebffe17ccfe38385e711c900f62d261\" target=\"_blank\" rel=\"noopener\">launched<\/a> USDM, the first fiat-backed stablecoin on the <a href=\"https:\/\/crypto-economy.com\/knowing-cardano-protocol\/\" target=\"_blank\" rel=\"noopener\">Cardano<\/a> blockchain.<\/strong> This marks a pivotal moment in Cardano\u2019s journey towards broader adoption. USDM is fully backed by the US dollar, offering users a 1:1 conversion rate. The introduction of a solid fiat-backed stablecoin addresses a long-standing criticism of the Cardano network.\u00a0<\/span><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"pt\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/CardanoCommunity?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#CardanoCommunity<\/a>,<a href=\"https:\/\/twitter.com\/search?q=%24USDM&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$USDM<\/a> IS HERE! <\/p>\n<p>policyID &#8211; c48cbb3d5e57ed56e276bc45f99ab39abe94e6cd7ac39fb402da47ad<\/p>\n<p>assetName &#8211; 0014df105553444d <a href=\"https:\/\/t.co\/gnkh4NikDS\" target=\"_blank\">pic.twitter.com\/gnkh4NikDS<\/a><\/p>\n<p>&mdash; $USDM on Cardano (@MehenOfficial) <a href=\"https:\/\/twitter.com\/MehenOfficial\/status\/1769159056483086608?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">March 17, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\"><strong>While Cardano has an array of algorithmic stablecoins, the demand for a fiat-backed stablecoin has been growing.<\/strong> Mehen Finance is at the forefront of this innovation, aiming to revolutionize decentralized finance (DeFi) on Cardano. USDM serves as a base asset for DeFi protocols and enables instant on-chain payments.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The vision of Mehen Finance is to be a scalable catalyst for the growth and adoption of the entire Cardano ecosystem. <strong>The official launch of USDM took place on March 16, and the onboarding process for institutional customers began on March 18.<\/strong> The token will make its on-chain debut in the upcoming week.\u00a0<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Mehen Finance Leads DeFi Innovation with USDM on Cardano<\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-163282\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/03\/USDMCardano.jpg\" alt=\"Mehen Finance Introduces USDM: Cardano's First Fiat-Backed Stablecoin\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/03\/USDMCardano.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/03\/USDMCardano-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/03\/USDMCardano-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\"><strong>The <a href=\"https:\/\/crypto-economy.com\/stablecoins\/\" target=\"_blank\" rel=\"noopener\">stablecoin<\/a> will initially be available in 17 US states and will debut on Cardano\u2019s largest DEX, MinSwap, and Genius Yield.<\/strong> Individuals residing in the approved 17 U.S. states can create an account, complete the Know Your Customer (KYC) procedure, and connect their accounts. Nonetheless, the privilege of minting will be exclusively available to institutional users at the outset, with plans to extend this facility to retail users in the forthcoming weeks.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\"><strong>Qualified users desiring to mint USDM can do so without incurring fees.<\/strong> However, redeeming US dollars for their USDM will incur a 1.5% fee. The launch of USDM is a watershed moment that could significantly propel DeFi on the Cardano network.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Despite facing competition from other stablecoins like USDA from Emurgo, Djed Stablecoin powered by Coti, and iUSD from Indigo Protocol, USDM has its unique use case and competitive advantages.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">In conclusion, <strong>the introduction of USDM by Mehen Finance marks a significant milestone in the evolution of the Cardano ecosystem.<\/strong> It not only addresses a critical need within the community but also paves the way for the growth and adoption of DeFi on Cardano.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Mehen Finance has launched USDM, the first fiat-backed stablecoin on the Cardano blockchain, marking a significant step towards broader adoption. The stablecoin is fully backed by the US dollar, offering a 1:1 conversion rate. USDM serves as a base asset for DeFi protocols\u00a0and enables instant on-chain payments. It will initially be available in 17 &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Mehen Finance Introduces USDM: Cardano&#8217;s First Fiat-Backed Stablecoin\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/mehen-finance-introduces-usdm-cardanos-first-fiat-backed-stablecoin\/#more-163277\" aria-label=\"More on Mehen Finance Introduces USDM: Cardano&#8217;s First Fiat-Backed Stablecoin\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":163281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[105,102,70,74],"tags":[4632,5536,5287,5016],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/163277"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=163277"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/163277\/revisions"}],"predecessor-version":[{"id":163284,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/163277\/revisions\/163284"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/163281"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=163277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=163277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=163277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}