A new dollar-backed stablecoin has been launched on the Cardano (ADA) mainnet.
Financial company Mehen Released USDM stablecoin was acquired over the weekend, noting that institutional users will spend a day or two onboarding the asset.
publisher Called Stablecoins will “slowly arrive on-chain” this week.
Mehen says each USDM is backed 1:1 with the US dollar from US-based banks.
“USDM represents a paradigm shift in the stablecoin world, bridging the gap between traditional fiat currencies and the decentralized blockchain realm. Supporting verifiable reserves and leveraging the powerful infrastructure of the Cardano network, USDM sets a new standard for stability, transparency, and efficiency in the digital asset space.
“As the Cardano ecosystem continues to evolve, initiatives like USDM highlight the platform’s commitment to innovation and capacity building on a global scale.”
ADA is trading at $0.632 at the time of writing, down 4.38% in the last 24 hours.
The ninth-largest cryptocurrency asset by market capitalization has not enjoyed the same level of gains as many other large cryptocurrencies this year.
The Ethereum (ETH) rival has only gained about 1.3% since the start of 2024 and remains nearly 80% below its all-time high of $3.09 hit in September 2021, according to CoinGecko.
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