Mehen is making progress on releasing USDM, Cardano’s first fiat-backed stablecoin.
Mehen Protocol, the team behind Cardano’s first fiat-backed stablecoin USDM, recently discussed the project’s development, technological progress over the previous year, regulatory landscape exploration, and upcoming launch.
USDM is Cardano’s first premium fiat-backed stablecoin, and on October 12th, Mehen CEO Steven Fisher and CFO Matthew Plomin visited AllinCrypto to discuss it. Plomin, who created USDM after spotting a major problem in DJED, Cardano’s first native stablecoin, explained its fascinating origin story in a recent interview.
Plomin and the Mehen team have been hard at work for a long time trying to plot a pathway that satisfies authorities; they have chosen a strategy resembling USDC’s careful legal structure.
The procedure is collaborating with a prominent attorney who focuses on money transmitter legislation, according to Mehen’s chief financial officer. He said that the protocol has registered with the federal government for anti-money laundering reasons and is attempting to be regulated by several states.
So far, the only state regulator the business hasn’t contacted is New York’s because of the state’s prohibitively high costs and severe regulations. Plomin said that the company’s goals weren’t limited to the continental United States, saying that it was also planning to start in Puerto Rico, the Virgin Islands, and other territories.
Steven Fisher, CEO of Mehen, responded to reporters’ inquiries regarding the company’s development by saying that USDM has received regulatory permission from 12 states, setting the stage for a November pre-production launch and a December mainnet debut.
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