Cardano, a Layer-1 spicy contract network that aims to present security, scalability and sustainability to decentralized applications, has carried out a ancient milestone with the birth of Mehen’s USDM, a fiat-backed stablecoin.
The Mehen token (USDM) is a digital store of label token issued by Mehen Finance that is 1:1 convertible to U.S. dollars. USDM, as a Cardano-native token, is seemingly to be transferred on the Cardano blockchain without the want for additional spicy contracts.
In a tweet announcing the advent of the USDM stablecoin on Cardano, Mehen acknowledged that institutional potentialities will without delay originate the onboarding process, which would possibly take one-two days. This suggests USDM will gradually come on-chain for the length of the week of March 18.
#CardanoCommunity,$USDM IS HERE!
policyID – c48cbb3d5e57ed56e276bc45f99ab39abe94e6cd7ac39fb402da47ad
assetName – 0014df105553444d pic.twitter.com/gnkh4NikDS
— $USDM on Cardano (@MehenOfficial) March 17, 2024
As Cardano expands its ecosystem and attracts extra customers and builders, the birth of USDM is a watershed moment within the platform’s march to common spend.
The USDM token, remarkably, is the first of its variety on Cardano. Unlike the iUSD and DJED, Mehen’s USDM is now not any longer algorithmic or synthetic nonetheless fully backed by U.S. dollars at 1:1. Users will put dollars (USD) into their Mehen story, which Mehen will store in a separate story for token holders. Once the transactions are carried out, the actual person would possibly mint the identical quantity of USDM cryptocurrency tokens.
The final quarter observed noteworthy ecosystem growth, with Cardano’s stablecoin label jumping 37% QoQ and 673% YoY. With the debut of Mehen’s USDM stablecoin, there are excessive potentialities for growth within the Cardano stablecoin market.
ADA label motion
At the time of writing, ADA was down 9.54% within the final 24 hours to $0.66, mirroring the broader market declines.
Per crypto analyst Ali, Cardano’s label motion to this point resembles the pattern observed from 2018 to 2021. Ali acknowledged that if this fractal persists, ADA would possibly consolidate within the $0.55 to $0.80 vary within the following weeks, followed by an elevate to $1.70. Following this plot greater, a length of consolidation shall be anticipated, paving the easiest procedure for a breakthrough to $5.
