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Cardano Founder Hails âMost Advanced Stablecoin Ever Builtâ
Cardano founder Charles Hoskinson has lauded a new stablecoin, calling it the âmost advanced stablecoin ever built.â The digital asset, known as USDM, is developed on the Cardano blockchain by Mehen, a financial services firm aiming to bring regulated, fiat-backed stablecoins to the ecosystem.
Unlike traditional algorithmic stablecoins, which have faced volatility and controversy, USDM is fully backed by U.S. dollars and is designed to maintain a 1:1 peg with the USD. This fiat-collateralized model prioritizes transparency, regulatory compliance, and on-chain verifiabilityâfactors Hoskinson believes are essential for long-term adoption.
Hoskinson praised the stablecoin's architecture, security model, and compliance-first approach, noting that its seamless integration with Cardano's smart contract infrastructure could unlock significant potential for DeFi applications on the platform. âThis is not just another stablecoin,â he stated, âitâs a foundational building block for Cardanoâs financial ecosystem.â
USDM is expected to serve as a reliable bridge between traditional finance and the decentralized world, enabling lending, borrowing, and yield-generating activities within the Cardano network. Additionally, its launch is likely to increase developer interest and user activity across the ecosystem, especially in areas like decentralized exchanges (DEXs), tokenized assets, and payments.
Mehen has also emphasized transparency, stating that its reserves will be regularly audited by third-party firms to ensure full dollar backing. This positions USDM as a trusted asset for users looking to avoid the risk seen in algorithmic stablecoins such as Terraâs failed UST.
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