Proposal: Add USDM as a borrowable asset to Lenfi

Governance New Assets
1

Proposal: Add USDM as a borrowable asset to Lenfi

Proposal Description

Whitelist USDM as a borrowable 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.

  • Approve
  • Disapprove

0 voters

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 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.

  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.

References

41 Likes
2

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.

18 Likes
3

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?

13 Likes
4

This is Phase 1, meaning it must first pass off-chain vote to be approved for Phase 2 (on-chain vote).

13 Likes
5

I’ve been registered in this App since May… but I don’t have enough trust points to vote. Oops my bad Matthew :pensive:

11 Likes
6

Hi you just have to read threads for about 10 minutes

9 Likes
7

as soon as possible :smiley:

5 Likes
8

This trust thing is so annoying. Fuck you Bots :robot:

6 Likes
9

Stablecoin is necessary on the defi platform.

9 Likes
11

The first fiat backed stable on Cardano 100% needs to be added to Lenfi! Madness if this doesn’t get enough votes.

3 Likes
12

Read at least 3 diffrent topics, spent 10mins on reading and you are good to go.

2 Likes
13

Worked, thanks was able to vote

3 Likes
14

How to increase trust level?

4 Likes
15

Usdm on Lenfi is a must…

4 Likes
16

Okay decided to vote finally got the free time

2 Likes
17

I’m really excited for this project. The ecosystem is in dare need of good stable coins.

2 Likes
18

well, i can’t vote for now hope it will pass.

2 Likes
19

Why can’t you vote though??

3 Likes
20

It’s a no brainer and important for the ecosystem! Have to be approved.

4 Likes
21

USDM will be very usefull for Lenfi

4 Likes