Add USDM as a collateral asset to Lenfi

Proposal: Add USDM as a collateral asset to Lenfi (already approved for borrowable asset)

Proposal Description

Whitelist USDM as a collateral asset in Lenfi.

Short Summary

Mehen’s USDM will be the first fiat-backed native stablecoin on Cardano. Whitelisting it will unlock a wide range of use cases for Lenfi and will bring in liquidity.

Motivation

  1. Project and token overview

Mehen is a project centered around creating a secure and compliant fiat-backed stablecoin on the Cardano blockchain. The USDM token will launch on March 16th 2024 and will have a 1:1 peg with USD. The token will be fully backed by fiat, becoming the first-of-the-kind native Cardano stablecoin. The team’s goal is securing full-on compliance with US laws and regulators, which will establish USDM as a reliable bridge between TradFi and DeFi.

  1. Explain the positioning of the token in the Cardano ecosystem. How will it benefit the protocol?

Compared to other native stablecoins, USDM is a more stable and capital-efficient solution. The 1:1 backing with USD and the proper licensing make it a potential first choice for DeFi and on-chain payments.

  1. What’s the asset’s utility?
  • 1:1 US dollar peg with fiat-backed reserves and FinCen licensing in several US states.
  • Transparent and secure minting and redeeming without added costs.
  • Scalable on-chain payments with seamless integration.

Conclusion

Mehen’s USDM stablecoin will start a new chapter in Cardano DeFi and whitelisting it will greatly improve the user experience and stablecoin liquidity on Lenfi.

Add USDM as a collateral option on Lenfi?

  • Approve
  • Disapprove
  • Abstain
0 voters

References

16 Likes

WoW just 45 Voters for this poll ? I m little bit shocked, cause its a great benefit to have a fully USD pegged Coin as collateral in my opinion.
I hope hardly we do better in the next poll for cBTC :slight_smile:

5 Likes

yeah! we need a stablecoin!

2 Likes

i want usdm in my lenfi

1 Like