Proposal: Add USDM as collateral to Lenfi

Proposal: Add USDM as collateral to Lenfi

Proposal Description

USDM now has over 10m ADA TVL across Cardano DEXs, making it the most liquid stablecoin on the blockchain. Adding it as collateral to Lenfi will greatly benefit the protocol.

Short Summary

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

  • Approve
  • Disapprove
  • Abstain
0 voters


  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 has a 1:1 peg with USD. The token is fully backed by fiat, becoming the first-of-the-kind native Cardano stablecoin. The team’s goal is securing full-on compliance with US and EU 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.
  • More than 10m ADA TVL across Cardano DEXs, which makes it highly liquid and efficient stablecoin on Cardano.


Mehen’s USDM stablecoin already has over 10m ADA TVL and whitelisting it will greatly improve the user experience and stablecoin liquidity on Lenfi.



Seems we have achieved lift off here of a very important part of Cardanos ecosystem, thanks to all who have supported USDM and here is to Lenfi and their leadership understanding the gravity of what USDM brings to Defi and beyond.


such an obvious yes vote.


USDM is home grown, way better than USDC


Easiest Yes vote since DAO started.


A no brainer vote. Lets get this done!