The %Cardano (CRYPTO: $ADA) network has launched a new fiat-backed %Stablecoin called the %Mehen token (CRYPTO: $USDM).
The new stablecoin, which is tied to Cardano’s Layer-1 smart contract network, has a digital store of value that is 1:1 convertible to U.S. dollars.
The Mehen token can be transferred on the Cardano blockchain without the need for additional smart contracts.
In a tweet announcing the stablecoin, developers behind Cardano said that the Mehen token will arrive on-chain by March 25 of this year.
The stablecoin is fully backed by U.S. dollars at a 1:1 ratio. Users will put American dollars into a Mehen account, which will be stored in a separate account for token holders.
Once transactions are completed, the user may mint the equivalent number of USDM %Crypto tokens.
The launch of the Mehen stablecoin comes as the price of Cardano has doubled over the past 12 months to currently trade at $0.68 U.S.