Mehen Finance has announced that the retail release of its USDM, a stablecoin based on Cardano, will occur in April.
USDM, a fiat-backed stablecoin pegged 1:1 to the U.S. dollar, initially launched on March 17 for institutional users.
The retail rollout of USDM is expected to enhance Cardano’s decentralized finance (DeFi) ecosystem, providing users with a fiat-backed alternative to existing algorithmic stablecoins.
Cardano’s DeFi ecosystem is valued at around US$390 million, which makes it the 16th largest network, according to DeFiLlama.
It is also the seventh-largest network for non-fungible tokens (NFTs) with US$642 million in all-time sales.
Ethereum hosts the largest DeFi ecosystem, with its total value of assets locked exceeding US$48.5 billion.
Registered in the British Virgin Islands, Mehen Finance claims that it is licensed in 17 U.S. states.