The first Fiat-backed Stablecoin of Cardano officially launched.

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2024-03-20

Cardano, a Layer 1 smart contract platform, has introduced Mehen's USDM - a stablecoin backed by fiat currency. This marks a significant step in expanding Cardano's ecosystem and fostering diversity in the stablecoin market on this platform.

Cardano has reached a historic milestone with the introduction of Mehen's USDM, a stablecoin backed by fiat currency.

Cardano has marked a historic milestone with the introduction of USDM, a stablecoin secured by fiat currency. What sets USDM apart is its ability to be exchanged 1:1 for US dollars, providing stability and reliability for users. This product is issued by Mehen Finance, a reputable name in the digital finance sector, and is built on the Cardano blockchain without the need for additional smart contract support.

USDM holds promise for opening up new opportunities in the digital currency market. This launch also signifies a significant step towards expanding the community and widespread adoption of Cardano in the future.

USDM is the first stablecoin on Cardano, guaranteed at a 1:1 ratio with the US dollar.

USDM is the first stablecoin on Cardano, backed 1:1 with the US dollar. Users simply need to deposit USD into their Mehen account, where Mehen will then store this amount in separate accounts for each token holder and issue an equivalent amount of USDM stablecoins.

The past quarter has witnessed significant expansion within the Cardano ecosystem, with the value of stablecoins experiencing a notable surge. With the launch of Mehen's USDM, the growth prospects in the Cardano stablecoin market have become more dominant than ever.

The value of stablecoins on Cardano has risen by 37% compared to the previous quarter and by 673% compared to the same period last year, demonstrating significant growth potential following the introduction of USDM.

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