Cardano’s First Fiat-Backed Stablecoin USDM Nears Launch

  • Mehen CEO and CFO shared insights into USDM. 
  • The Mehen executives revealed their progress in navigating US regulations. 
  • According to Mehen CEO Steven Fisher, USDM is set to launch soon. 

Mehen Protocol, the brains behind Cardano’s first fiat-backed stablecoin, shared valuable insights into USDM, their journey navigating the regulatory landscape, the technical advancements they’ve achieved over the past year, and their plans for launch. 

USDM Nears Launch

On October 12, Mehen CEO Steven Fisher and CFO Matthew Plomin joined AllinCrypto to talk about USDM, Cardano’s first premiere fiat-backed stablecoin. In the interview, Plomin unveiled the intriguing backstory of USDM’s creation, sparked by his astute observation of a critical flaw in DJED, Cardano’s first native stablecoin. 

Determined to chart a course that complies with regulators, Plomin, along with the Mehen team, opted for a path reminiscent of USDC’s meticulous legal framework and has been at it for a long time. 

Mehen’s CFO shared that the protocol is working with a high-profile attorney specializing in money transmitter laws to navigate the labyrinth of regulations in the US. He revealed that the protocol is trying to get regulated by various states and has registered with the federal government for AML purposes. 

The company has so far reached out to every state regulator except for New York due to its exorbitant fees and stringent rules. Plomin also shared that their ambitions didn’t stop at US borders, adding that it is also setting sail to Puerto Rico, The Virgin Islands, and other jurisdictions to cooperate with them for a launch. 

After being questioned about their progress, Mehen CEO Steven Fisher revealed that USDM had earned the nod of approval from 12 states, paving the way for a pre-production launch this November and a full mainnet launch by December.

On the Flipside

  • Steven Fisher, Mehen’s CEO, revealed that he has a day-time job and USDM is a passion project. 
  • According to TapTools, DJED only had 1772 users at press time, making it the largest stablecoin on Cardano. Trailing behind was IUSD with 1124 users. 

Why This Matters

Cardano lacks a fiat-backed stablecoin and has to rely on algorithmic stablecoins like DJED to boost its DeFi scene. Mehen protocol is poised to propel Cardano’s DeFi ecosystem by introducing a directly redeemable, capital-efficient, regulator-friendly asset. 

Read the latest edition of Cardano Regular:
Cardano Regular: Charles Hoskinson on the Offensive; Impersonation Scams on the Rise, and Exciting Developments

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Cardano Scammers Impersonate Influencers: How to Stay Safe

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