Generative Data Intelligence

Cardano’s USDM stablecoin set for April retail launch


Mehen Finance has announced that the retail release of its USDM, a stablecoin based on Cardano, will occur in April.

USDM, a fiat-backed stablecoin pegged 1:1 to the U.S. dollar, initially launched on March 17 for institutional users.

The retail rollout of USDM is expected to enhance Cardano’s decentralized finance (DeFi) ecosystem, providing users with a fiat-backed alternative to existing algorithmic stablecoins.

Cardano’s DeFi ecosystem is valued at around US$390 million, which makes it the 16th largest network, according to DeFiLlama.

It is also the seventh-largest network for non-fungible tokens (NFTs) with US$642 million in all-time sales.

Ethereum hosts the largest DeFi ecosystem, with its total value of assets locked exceeding US$48.5 billion.

Registered in the British Virgin Islands, Mehen Finance claims that it is licensed in 17 U.S. states.

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