Mehen Finance has introduced that the retail launch of its USDM, a stablecoin primarily based on Cardano, will happen in April.
USDM, a fiat-backed stablecoin pegged 1:1 to the U.S. greenback, initially launched on March 17 for institutional customers.
The retail rollout of USDM is predicted to boost Cardano’s decentralized finance (DeFi) ecosystem, offering customers with a fiat-backed various to present algorithmic stablecoins.
Cardano’s DeFi ecosystem is valued at round US$390 million, which makes it the sixteenth largest community, in keeping with DeFiLlama.
It is usually the seventh-largest community for non-fungible tokens (NFTs) with US$642 million in all-time gross sales.
Ethereum hosts the biggest DeFi ecosystem, with its whole worth of property locked exceeding US$48.5 billion.
Registered within the British Virgin Islands, Mehen Finance claims that it’s licensed in 17 U.S. states.
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