Mehen Finance planned to launch USDM in early 2023 but saw delays after crypto-friendly banks shuttered in 2023 and its banking partner went to work with Circle.
Layer-1 blockchain Cardano has welcomed its first 1-to-1 fully fiat-backed stablecoin, USDM, the latest entrant in a $146 billion stablecoin market dominated by Tether (USDT) and Circle (USDC).
Launched on March 17, the Mehen Finance-founded stablecoin allows holders to mint or redeem USDM via the United States dollar and differs from existing Cardano-based stablecoins such as DJED and iUSD, which are algorithmic and synthetic-based.
Mehen founding partner Matthew Plomin said the road to launching the stablecoin on Cardano wasn’t an easy one, with delays caused by issues with U.S. banks in 2023.
