Cardano has launched USDM, its first fully fiat-backed stablecoin, through Mehen Finance, distinguishing it from other Cardano-based stablecoins by offering direct U.S. dollar backing.
USDM’s launch signifies a major advancement for Cardano, enhancing its position in the $146-billion stablecoin market and providing a stable, reliable option for its users.
Cardano, a prominent player in the blockchain arena, has recently made headlines with the introduction of its first entirely fiat-backed stablecoin, USDM, developed by Mehen Finance. This marks a pivotal moment in the expansive $146-billion stablecoin market.
Though originally scheduled for an early 2023 release, the launch encountered setbacks due to complications with U.S. banking partners, including the shutdown of notable banks such as Silicon Valley Bank, Silvergate, and Signature Bank. This situation was compounded when Mehen’s initial banking ally, Cross River, opted to collaborate with Circle, leading to further delays.
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