A brand new dollar-backed stablecoin has launched on the Cardano (ADA) mainnet.
The monetary agency Mehen launched the USDM stablecoin over the weekend, noting that institutional customers would spend a day or two onboarding the asset.
The issuer says the stablecoin will “slowly be arriving on-chain” this week.
Mehen says every USDM is backed 1:1 by a US greenback in a US-based financial institution.
“USDM represents a paradigm shift on this planet of stablecoins, bridging the hole between conventional fiat currencies and the decentralized realm of blockchain. Backed by verifiable reserves and leveraging the Cardano community’s sturdy infrastructure, USDM units a brand new commonplace for stability, transparency, and effectivity within the digital asset house…
Because the Cardano ecosystem continues to evolve, initiatives like USDM underscore the platform’s dedication to innovation and empowerment on a world scale.”
ADA is buying and selling at $0.632 at time of writing and is down 4.38% previously 24 hours.
The ninth-ranked crypto asset by market cap hasn’t loved the identical degree of features this yr as quite a few different large-cap cryptos.
The Ethereum (ETH) competitor is just up round 1.3% for the reason that begin of 2024 and stays almost 80% down from its all-time excessive of $3.09, which it hit in September 2021, in keeping with CoinGecko.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Test Value Motion
Observe us on Twitter, Fb and Telegram
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses you might incur are your accountability. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please observe that The Day by day Hodl participates in internet affiliate marketing.
Generated Picture: Midjourney