The USDM stablecoin appeared on the Cardano network
The Mehen Finance project launched the US dollar-pegged stablecoin USDM on Cardano, albeit with a significant delay.
The USDM mechanism allows you to issue and redeem an asset through the dollar. This is in contrast to Cardano's already-powered stablecoins Djed and iUSD, which are algorithmic and synthetic respectively.
The Mehen Finance team published the stablecoin white paper in November 2022.
Project founding partner Matthew Plomin confirmed during an AMA session at X Spaces that the coin was planned to launch in 2023. That all changed, however, as regional U.S. banks struggled when Silicon Valley Bank, Silvergate and Signature Bank closed their doors about a year ago.
According to Plomin, Mehen's remaining banking partner, Cross River, also severed ties, switching to cooperation with Circle, the issuer of the second-largest stablecoin, USDC.
As a result, the team turned to the services of fintech startup Plaid to ensure the issuance and redemption of USDM. According to a message from Mehen CTO Siten Fischer, cooperation was established in August 2023.
