A new dollar-backed stablecoin has been launched on Cardano (ADA) mainnet.
Financial company Mehen launched It announced the USDM stablecoin over the weekend, noting that institutional users would spend one to two days onboarding the asset.
Issuer To tell Stablecoins will “slowly arrive on-chain” this week.
Megen said each USDM is backed 1:1 by U.S. dollars from U.S.-based banks.
“USDM represents a paradigm shift in the world of stablecoins, bridging the gap between traditional fiat currencies and the decentralized realm of blockchain. It is backed by verifiable reserves and built on the robust infrastructure of the Cardano network. Leveraging the structure, USDM sets new standards for stability, transparency, and efficiency in the digital asset space…
As the Cardano ecosystem continues to evolve, initiatives like USDM highlight the platform's commitment to innovation and empowerment on a global scale. ”
ADA is trading at $0.632 at the time of writing, down 4.38% in the past 24 hours.
The crypto asset, which ranks ninth in terms of market capitalization, has not enjoyed the same level of appreciation as many other large crypto assets this year.
Rival Ethereum (ETH) has only risen about 1.3% since the start of 2024, and remains down nearly 80% from its all-time high of $3.09 in September 2021, according to CoinGecko.
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