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
- 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.
- 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.
- 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
