Mehen Finance to launch stablecoin USDM to retail investors next month

Mehen Finance, the developer of Cardano’s ecological stablecoin USDM, announced that it will launch USDM to retail investors next month. USDM was officially launched on Cardano on March 17, but is currently only available to institutional users. It is reported that USDM’s model is similar to other stablecoins supported by fiat currencies, but has features to prevent over-minting. Its reserves are reported via the Cardano network’s Charli3 oracle, ensuring real-time and transparent transfers. Although USDM cannot be frozen on-chain, Mehen holds its reserves in government money market mutual funds from Fidelity and Western Asset Management. Already licensed in 17 U.S. states, Mehen plans to apply for money transmission and virtual asset service provider licenses in Europe and the United Kingdom later this year. Additionally, Mehen plans to make its initial investment through an equity crowdfunding (which will be conducted on the crowdfunding platform ChainRaise) rather than a token sale. (Cointelegraph)