Mehen Finance to launch stablecoin USDM to retail investors next month

Developer of Cardano ecosystem stablecoin USDM Mehen Finance announced that it will be launched to retail investors next month. Currently, the stablecoin is only available to institutional users. In addition, Mehen also plans to launch its first investment through equity crowdfunding instead of token sales. It is reported that the USDM model is similar to other fiat-backed stablecoins but has features that prevent over-minting. Its reserves are ensured through Charli3 oracle reports on the Cardano network, ensuring real-time transparent transfers. Although USDM cannot be frozen on-chain, Mehen stores its reserves in government currency market mutual funds managed by Fidelity and Western Asset Management. Mehen has obtained licenses in 17 US states and plans to apply for money transmission and virtual asset service provider licenses in Europe and the UK later this year.