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Cardano, a Layer-1 sensible contract community that goals to offer safety, scalability and sustainability to decentralized purposes, has achieved a historic milestone with the launch of Mehen’s USDM, a fiat-backed stablecoin.
The Mehen token (USDM) is a digital retailer of worth token issued by Mehen Finance that’s 1:1 convertible to U.S. {dollars}. USDM, as a Cardano-native token, could be transferred on the Cardano blockchain with out the necessity for added sensible contracts.
In a tweet asserting the arrival of the USDM stablecoin on Cardano, Mehen said that institutional prospects will instantly start the onboarding course of, which could take one-two days. This implies USDM will regularly arrive on-chain throughout the week of March 18.
As Cardano expands its ecosystem and attracts extra customers and builders, the launch of USDM is a watershed second within the platform’s march to widespread use.
The USDM token, remarkably, is the primary of its variety on Cardano. In contrast to the iUSD and DJED, Mehen’s USDM just isn’t algorithmic or artificial however totally backed by U.S. {dollars} at 1:1. Customers will put {dollars} (USD) into their Mehen account, which Mehen will retailer in a separate account for token holders. As soon as the transactions are accomplished, the consumer might mint the equal variety of USDM cryptocurrency tokens.
The final quarter noticed exceptional ecosystem enlargement, with Cardano’s stablecoin worth leaping 37% QoQ and 673% YoY. With the debut of Mehen’s USDM stablecoin, there are excessive prospects for progress within the Cardano stablecoin market.
ADA worth motion
On the time of writing, ADA was down 9.54% within the final 24 hours to $0.66, mirroring the broader market declines.
In keeping with crypto analyst Ali, Cardano’s worth motion to date resembles the sample noticed from 2018 to 2021. Ali stated that if this fractal persists, ADA might consolidate within the $0.55 to $0.80 vary within the following weeks, adopted by an increase to $1.70. Following this improve, a interval of consolidation could also be anticipated, paving the best way for a breakthrough to $5.
