Stablecoin

Cardano

United

Foundation

Dubai

Cardano, a leading Layer-1 smart contract network, has recently unveiled the introduction of the USDM stablecoin by Mehen Finance, marking a milestone in its journey towards wider acceptance.&nbsp;
The USDM stablecoin, which is fully supported by United States dollars, guarantees a 1:1 conversion rate for its users. It stands out as the first fiat-backed stablecoin on the Cardano blockchain, devoid of algorithmic complexities. The advent of USDM is<a href="https://twitter.com/MehenOfficial/status/1769159056483086608?s=20" rel="noopener noreferrer nofollow"> poised</a> to fortify the ecosystem’s security, scalability, and sustainability for decentralized applications.
Recently, the Cardano <a href="https://thecoinrise.com/cardano-foundation-teams-up-with-the-dubai-police-to-fight-crime/" rel="noopener noreferrer nofollow">Foundation teamed up with the Dubai Police</a> and will work towards enhancing its security measures for criminal investigations.
<h2 id="span-style-font-weight-400-cardano-sees-the-debut-of-usdm-span">Cardano Sees the Debut of USDM</h2>
Mehen Finance wasted no time in revealing plans to onboard institutional customers for USDM promptly, with the process expected to take a mere one to two days.&nbsp;
Consequently, users can anticipate the gradual integration of the USDM stablecoin onto the Cardano blockchain during the week of March 18. This strategic maneuver is set to invigorate Cardano’s ecosystem, attracting a broader spectrum of users and developers keen on harnessing the potential of the new stablecoin.
<h3 id="span-style-font-weight-400-remarkable-growth-in-the-ecosystem-span">Remarkable Growth in the Ecosystem</h3>
The Cardano network has been experiencing remarkable growth in its ecosystem over recent quarters, with the launch of Mehen’s USDM stablecoin expected to fuel this expansion even further.&nbsp;
Unlike its counterparts like iUSD and DJED, which rely on algorithms or synthetics, USDM assures full backing by US dollars. This direct backing is designed to inspire greater confidence among users, facilitating seamless minting of the cryptocurrency against deposited USD.&nbsp;
The previous quarter alone witnessed a notable 37% quarter-over-quarter and 673% year-over-year increase in Cardano’s stablecoin value,<a href="https://thecoinrise.com/cardano-leads-as-blockchain-with-highest-development-activity-in-2022/" rel="noopener noreferrer nofollow"> indicating robust demand within the ecosystem</a>.
<h2 id="span-style-font-weight-400-usdm-eliminates-the-need-for-additional-smart-contracts-span">USDM Eliminates the Need for Additional Smart Contracts</h2>
The integration of USDM into Cardano’s blockchain streamlines transactions by eliminating the need for additional smart contracts. This streamlining is expected to significantly boost transaction efficiency and the user experience.&nbsp;
As the platform continues its expansion, the addition of USDM is anticipated to be pivotal in attracting more developers and users <a href="https://thecoinrise.com/cardano-ceo-suggest-contingency-staking-model-amidst-kraken-crackdown/" rel="noopener noreferrer nofollow">interested in exploring the advantages</a> of a secure and scalable blockchain environment.
<h3 id="span-style-font-weight-400-cardano-price-to-skyrocket-span">Cardano Price to Skyrocket?</h3>
Crypto analyst Ali has <a href="https://twitter.com/ali_charts/status/1769096425407721629" rel="noopener noreferrer nofollow">drawn comparisons</a> between Cardano’s current price action and historical patterns observed from 2018 to 2021.&nbsp;
If these trends persist, ADA’s price could consolidate within the $0.55 to $0.80 range in the coming weeks, potentially surging to $1.70 thereafter. Subsequently, a consolidation phase might pave the way for a breakthrough to $5, reflecting growing investor interest and confidence in Cardano’s future prospects.
The post <a href="https://thecoinrise.com/cardano-welcomes-its-first-fiat-backed-stablecoin/" rel="noopener noreferrer nofollow">Cardano Welcomes Its First Fiat-Backed Stablecoin</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Cardano Welcomes Its First Fiat-Backed Stablecoin

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