over budget
Mehen: Fiat-backed Stablecoin USDM
Current Project Status
Unfunded
Amount
Received
Received
$0
Amount
Requested
Requested
$193,660
Percentage
Received
Received
0.00%
Solution
Mehen is working with the community to build a Cardano Native Asset stablecoin, USDM.
USDM uses stablecoin best practices: fully-backed 1:1 with high-quality, liquid, transparent, audited USD assets.
Problem
Cardano DeFi adoption is slow due to no stablecoin diversity. Cardano only has algorithmic stablecoins and needs a fiat-backed option for those who prefer that or need a direct-to-fiat bridge.
Impact / Alignment
Feasibility
Auditability