Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»TRADING NEWS»From Hydra Halt to Stablecoins
TRADING NEWS

From Hydra Halt to Stablecoins

By Crypto FlexsMarch 18, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
From Hydra Halt to Stablecoins
Share
Facebook Twitter LinkedIn Pinterest Email

Cardano launched USDM, the first 1:1 fully fiat-backed stablecoin. The new entrant aims to gain a foothold in the highly competitive $146 billion stablecoin market, mainly dominated by giants Tether and Circle.

This launch is an important moment for Cardano, especially after it has been struggling with delays in delivering its much-anticipated layer 2 solution, Hydra.

Cardano’s New Stablecoin Despite Hydra Delay

USDM’s architect, Mehen Finance, originally planned a launch in early 2023. However, the roadmap suffered a serious setback when a cryptocurrency-friendly bank unexpectedly closed. This disruption in the banking sector and the loss of our banking partner, Cross River to Circle, led to unexpected delays in USDM distribution.

Matthew Plomin, founding partner of Mehen, has openly discussed the difficult journey. He highlighted key moments that led to a realignment of strategy. In particular, Plomin spoke about the banking crisis and the switch to Plaid to mint and burn US dollars for USDM.

Read more: The Best Stablecoins Guide for 2024

The introduction of stablecoins provides Cardano users with a new alternative. Based on its algorithm and synthesis model, it differentiates itself from other Cardano-based stablecoins such as DJED and iUSD. This represents an important milestone for decentralized finance (DeFi) on blockchain. Enthusiasts like Jaromir Tesar recognize its potential to improve the ecosystem.

“Cardano has the first USD-backed stablecoin, Mehen USDM. This is an important milestone for DeFi on Cardano,” said Tesar.

This strategic move by Cardano to embrace USDM amid the ongoing development of Hydra reflects its resilient and adaptable approach. Cardano co-founder Charles Hoskinson refuted rumors that the company is abandoning Hydra, highlighting the community’s efforts to improve the scalability and efficiency of the blockchain.

“I’m watching a video claiming that Hydra has been abandoned. It’s just pure FUD. The team was more productive and motivated than ever. There is great community engagement and new papers underway to improve the protocol,” explained Hoskinson.

Read More: Cardano (ADA) Price Prediction for 2024/2025/2030

This explanation reassures stakeholders about Cardano’s roadmap to achieve a more scalable, secure, and decentralized financial ecosystem.

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

It shows a graphite network. Tesla is nothing without trust because Tesla’s Tesla spent $ 150 billion after Musk and Trump’s fallout.

June 7, 2025

XRP price prediction by reducing the volume of RLUSD (RIPPLE USD)

June 7, 2025

Why is the ecosystem of the SEI network boom in the second quarter?

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

Circle refused to buy $ 5 billion in Ripple. It is worth more than $ 20 billion after NYSE debut.

June 8, 2025

NVIDIA unveils the Nemotron-H reasoning model for enhanced throughput.

June 8, 2025

Render Royale May 2025: The winner was unveiled on a fantastic display.

June 8, 2025

40% mask token conflict in Trump vs. Elon Musk

June 8, 2025

Gemini IPO submissions will bring the Winklevoss Crypto company to Wall Street.

June 8, 2025

CUDIS bets on longevity exercises by betting on wearable, AI and solana tokens.

June 8, 2025

VEXI Village unveils new features and events in June.

June 7, 2025

Solana Whale will not announce $ 17 million in four years. Should I worry?

June 7, 2025

HOLONYM’s Human Network: Convert on boarding on boarding on human -friendly keys

June 7, 2025

The SEC gets $ 1.1m case when Crypto Schemer crosses the court.

June 7, 2025

NFT artists reproduce ‘password tax nightmares’ with new songs.

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Circle refused to buy $ 5 billion in Ripple. It is worth more than $ 20 billion after NYSE debut.

June 8, 2025

NVIDIA unveils the Nemotron-H reasoning model for enhanced throughput.

June 8, 2025

Render Royale May 2025: The winner was unveiled on a fantastic display.

June 8, 2025
Most Popular

In 2024, 10 cryptocurrencies under $10 will be worth 1 cent.

December 27, 2023

What should I expect from Ether Reeum price in June 2025?

June 1, 2025

Coin Bureau’s Guy Turner says Ethereum Layer-2 is about to take off. Here are his top picks:

February 23, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.