A brand new dollar-backed stablecoin has launched on the Cardano (ADA) mainnet.
The monetary agency Mehen launched the USDM stablecoin over the weekend, noting that institutional customers would spend a day or two onboarding the asset.
The issuer says the stablecoin will “slowly be arriving on-chain” this week.
Mehen says every USDM is backed 1:1 by a US greenback in a US-based financial institution.
“USDM represents a paradigm shift on this planet of stablecoins, bridging the hole between conventional fiat currencies and the decentralized realm of blockchain. Backed by verifiable reserves and leveraging the Cardano community’s strong infrastructure, USDM units a brand new customary for stability, transparency, and effectivity within the digital asset area…
Because the Cardano ecosystem continues to evolve, initiatives like USDM underscore the platform’s dedication to innovation and empowerment on a world scale.”
ADA is buying and selling at $0.632 at time of writing and is down 4.38% up to now 24 hours.
The ninth-ranked crypto asset by market cap hasn’t loved the identical stage of features this yr as quite a few different large-cap cryptos.
The Ethereum (ETH) competitor is barely up round 1.3% for the reason that begin of 2024 and stays almost 80% down from its all-time excessive of $3.09, which it hit in September 2021, in keeping with CoinGecko.
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