TechFlow reports that Mehen Finance, the Cardano-based stablecoin USDM developer, has announced it will launch to retail users next month. Currently, the stablecoin is only available to institutional users. Additionally, Mehen plans to conduct its first investment round via equity crowdfunding rather than a token sale.
USDM operates similarly to other fiat-backed stablecoins but includes features preventing over-issuance. Its reserves are reported through Charli3 oracles on the Cardano network, ensuring real-time transparent transfers.
Although USDM cannot be frozen on-chain, Mehen holds its reserves in government money market mutual funds managed by Fidelity and Western Asset Management.
Mehen is already licensed in 17 U.S. states and plans to apply for money transmission and virtual asset service provider licenses in Europe and the UK later this year.
