Proposal: Add USDM as a borrowable asset to Lenfi
Whitelist USDM as a borrowable asset in Lenfi.
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.
- 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 19 December 2023 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.
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.
This token will allow for direct access to fiat from a cardano native token for the first time via Mehens custodial wallet, it also reduces cap gains and amt of transfers and fees associated with moving your tokens. Expect a very large push at the beginning simply because we currently only have algo stables that do the job but have their limitations or volatility to deal with.
Is there a reason this proposal is not in the dApp? Last time I was able to vote with my wallet. For this proposal I cannot vote?
This is Phase 1, meaning it must first pass off-chain vote to be approved for Phase 2 (on-chain vote).
I’ve been registered in this App since May… but I don’t have enough trust points to vote. Oops my bad Matthew
Hi you just have to read threads for about 10 minutes
This trust thing is so annoying. Fuck you Bots
Stablecoin is necessary on the defi platform.
The first fiat backed stable on Cardano 100% needs to be added to Lenfi! Madness if this doesn’t get enough votes.
Read at least 3 diffrent topics, spent 10mins on reading and you are good to go.
Worked, thanks was able to vote
How to increase trust level?
Okay decided to vote finally got the free time
I’m really excited for this project. The ecosystem is in dare need of good stable coins.
well, i can’t vote for now hope it will pass.
Why can’t you vote though??
It’s a no brainer and important for the ecosystem! Have to be approved.
USDM will be very usefull for Lenfi