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After months of delays, Cardano can finally welcome USDM, a dollar-linked stablcoin developed by Mehen Finance.
The real dollars behind USDM
USDM is different from other existing Cardano coins such as DJED and iUSD. These coins also try to hold the value of $1, but they do it in a different way. DJED and iUSD use complex mathematical models to maintain a stable value.
USDM, on the other hand, is backed by real U.S. dollars held in a U.S. bank. This makes the Cardano ecosystem safer and more secure.
Finding a bank
The company that created USDM is Mehen Finance, hence the letter M after USD. It has been developing the currency since November 2022. The launch was delayed last year due to problems with US banks.
Indeed, few banks are willing to do business with cryptocurrency companies. Especially when it comes to stable coins.
Mehen Finance ended up partnering with fintech company Plaid to make USDM possible. Thanks to Plaid, USDM could soon be linked to major U.S. banks like Bank of America and Chase.
Customers will be able to deposit dollars into one of these bank accounts and receive USDM in return. With USDM, they can perform various actions on the Cardano blockchain, such as trading or buying NFTs.
The emergence of USDM is an important milestone for Cardano. It could get more people and developers interested in the platform.
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