Cardano's Network Welcomes USDM Stablecoin
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Cardano's first fiat-backed stablecoin, USDM, has been launched on the project's layer 1 blockchain. The cryptocurrency, which was launched on March 17 by Mehen Finance, holds a 1:1 ratio with the USD.

In a market valued at $146 billion, dominated by stablecoins such as USDT and USDC, this is a significant development.

Existing Cardano-based stablecoins, such as DJED and iUSD, operate through synthetic algorithms and methods, making USDM unique.

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According to Mehen founding partner Matthew Plomin, launching the stablecoin on Cardano has not been an easy road due to delays caused by US bank problems in 2023.

Mehen released a white paper in November 2022, citing the need for a USD-backed stablecoin in the Cardano community.

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