Cardano is leading the way in the blockchain platforms space, and USDM, its first fiat-pegged stablecoin, is proof of it. On October 12th Steven Fisher, CEO of Mehen Protocol, the team behind USDM, and Matthew Plomin, its CFO, had an insightful discussion on the AllinCrypto platform. Plomin explained the challenges faced by the Cardano’s native stablecoin, DJED.
Navigating the complex cryptocurrency regulations is no easy task. However, Mehen Protocol has a strong legal foundation provided by USDC and has partnered with a top-tier attorney experienced in US currency laws. Plomin shared that they are making every effort to get approvals in several regions, including the US, Puerto Rico and the Virgin Islands, even though they face stricter policies and high fees in New York.
Fisher added a celebratory note, revealing that USDM is already approved by 12 states, and is set for a soft launch in November and a grand debut in December.
Mehen Protocol is introducing a new era to Cardano’s DeFi arena, of capital efficiency and regulatory compliance. USDM is a hybrid model, combining elements from fiat, algorithmic and commodities frameworks, with the aim of price stability. Mainnet launch is scheduled for Q2 2023.
No matter the outcome, it is important to emphasise that this article is strictly informational and does not constitute financial or investment advice. Engaging in cryptocurrency trading or investments carries potential financial risks.
