Full fiat-backed Cardano’s stablecoin USDM is very near to getting launched.
Mehen Protocol is the back-end team behind the USDM stablecoin project. This protocol achieved a better level of technical advancement in the past year to develop full fiat-backed stablecoin & launch by the easy fight against the regulatory challenges. If this stablecoin is launched by the Mehen protocol successfully then it will be the first ever fiat-backed stablecoin on the Cardano blockchain network.
On 12 Oct 2023, Mehen CEO Steven Fisher and CFO Matthew Plomin joined AllinCrypto to talk about USDM and explained why the concept of USDM sparked in their mind.
According to Plomin, when he thoroughly observed Cardano’s native stablecoin Djed, proposed by the Cardano founder Charles Hoskinson, then found that there was a critical flaw.
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Mehen’s CFO indirectly stated that Mehen’s protocol is going to follow Circle’s (USDC) long-term path to tackle regulatory challenges and the team is working with high-profile attorneys for the newly proposed stablecoin USDM to comply with the traditional laws of money transactions.
As per the Mehen executives, the Mehen protocol team reached out to almost every US state’s regulatory body but so far is away from New York, as there are high fees high strict laws to comply with & secure approval.
Plomin confirmed that they will not remain restricted to the US jurisdiction, instead, they will go to other jurisdictions e.g. Puerto Rico, The Virgin Islands, and other jurisdictions, to launch USDM stablecoin in compliance with regulatory rules.
The Mehen CEO Steven confirmed that Mehen secured regulatory approval in 12 States and this Cardano based stablecoin is nearing the pre-launch in November of this year.
The majority of the Cardano blockchain proponents believe that it will be better for the Cardano ecosystem to have this new stablecoin, as the Cardano’s native token will fail to survive in some jurisdictions, where regulators are not in the mood to allow those stablecoins which are not pegged by fiat currencies & based on protocol concept.
Read also: 90% probability that the SEC will approve Bitcoin spot ETF in early 2024
Cardano-based stablecoin USDM is very near to launch
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