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Mehen Finance will launch the stablecoin USDM for retail investors next month
2024/03/19 04:14
The developer of
Cardano's stablecoin USDM, Mehen Finance, announced that it will be launched to retail investors next month. Currently, the stablecoin is only open to institutional users. In addition, Mehen plans to make its first investment through equity crowdfunding instead of token sales.
It is reported that the model of USDM is similar to other fiat-supported stablecoins but has features to prevent over-minting. Its reserves are reported by Charli3 oracle on the Cardano network, ensuring real-time transparent transfers.
Although USDM cannot be frozen on-chain, Mehan stores its reserves in government money
market mutual funds managed by Fidelity and Western Asset Management. Mehen has obtained licenses in 17 U.S states and plans to apply for money transmission and virtual asset service provider licenses in Europe and the UK later this year.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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