Mehen Finance, the firm behind Cardano’s newest stablecoin USDM, is aiming for a public “retail rollout” of its fiat-backed stablecoin as early as next month.
USDM officially launched on Cardano on March 17 but is currently only available to institutional users.
“Retail rollout will likely be in April,” Mehen Finance Founding Partner Matthew Plomin told Cointelegraph.
“We are in limited launch – calling it ‘Live main-net ecosystem early-rollout’ internally,” said Plomin, adding that institutions in eligible jurisdictions can now join the platform and start minting the stablecoin.
Plomin explained that the USDM model resembles other fiat-backed stablecoins, but includes a key feature that prevents excess minting.
USDM’s reserve is reported directly to Charli3 — a decentralized oracle designed for the Cardano network — with Charli3 oracle data also integrated into the token’s smart contract. This…
