Mehen Finance will launch the stablecoin USDM to retail investors next month

2024-03-19 12:02:02

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ChainCatcher news, Cardano ecosystem stablecoin USDM developer Mehen Finance announced that it will launch to retail investors next month. Currently, this stablecoin is only available to institutional users. Additionally, Mehen plans to conduct its initial investment through equity crowdfunding instead of a token sale.

It is reported that the USDM model is similar to other fiat-backed stablecoins but features mechanisms to prevent over-minting. Its reserves are reported by the Charli3 oracle on the Cardano network, ensuring real-time transparent transfers.

Although USDM cannot be frozen on-chain, Mehen stores its reserves in government money market mutual funds from Fidelity and Western Asset Management.

Mehen has obtained licenses in 17 U.S. states and plans to apply for money transmission and virtual asset service provider licenses in Europe and the UK later this year.

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