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Cardano active wallets increase to highest since late 2022 ahead of USDM stablecoin rollout!

The launch of the USDM stablecoin in the United States is expected to enhance growth of Cardano's DeFi sector.

Active wallets on the network exceed the 600,000 mark for the first time since late 2022 in anticipation of the rollout.

Increased network activity suggests a correlation with price action as ADA briefly broke the $0.80 resistance before experiencing a correction.

Cardano (ADA) broke the $0.8 resistance level on Thursday after trading below it for 21 months, although it quickly corrected afterward following a broader retreat in cryptocurrency prices. In the weekly time frame, however, Cardano price appears to be in an uptrend which could be further supported by the upcoming launch of its stablecoin, USDM, in the United States.

Cardano’s USDM to launch in the United States on Saturday

Mehen Finance LLC plans to roll out the USDM stablecoin across 19 states in the US with a direct fiat on-ramp to the Cardano ecosystem. The coin is fully fiat collateralized, with each USDM pegged 1:1 to the US Dollar (USD).

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$ada 💪🚀