What is Mehen?
Mehen is creating the USDM fiat-backed stablecoin.
The USDM stablecoin will be an essential tool for Cardano. It will be used as a base asset for decentralized finance (deFi) protocols, and can be sent peer-to-peer for instant on-chain payments.
USDM will be a scalable catalyst for growth and adoption of the entire Cardano ecosystem.
- Directly redeemable 1:1 fiat backed stablecoin
- Cardano native asset
- Capital efficient
- Reserves are independently verified by on-chain oracles
- Transferrable, versatile, and reliably compatible with smart contract applications and the broader Cardano DeFi ecosystem
We are working on a range of tools that will help Cardano empower people.
Committed to transparency and security, Mehen is building USDM using a smart contract-powered trustless framework. Issuance of USDM is governed by an independent decentralized oracle network that has direct API access to the USDM reserves account.
As a Cardano native asset, USDM can be easily integrated into the growing decentralized finance (DeFi) ecosystem.
Bridging financial expertise with technology, Mehen is moving global digital asset adoption forward.
Licensing and Identity
Mehen contains a FinCen registered money services business, and a British Virgin Islands registered virtual assets business. Mehen is seeking appropriate US and Cayman Islands licensing, which protects its customers’ rights and protects the status of the USDM token as a redeemable store of value stablecoin, not a security.
Minting and Burning
Mehen is using Charli3 Oracle for a 3rd party verification for the mehen bank account
Proof of sufficient reserves is essential for the smooth operation of any fiat-backed stablecoin.
We are taking a decentralized approach to reserve verification. All token mints and burns must be verified by an independent oracle service with API access to our bank accounts.
Prior to every mint, the oracle will publish our reserve balance on-chain for public viewing. The reserve value is incorporated into the native token’s smart contract design, and minting can only occur if there are sufficient reserves.
This raises the bar for other fiat-backed stablecoins, who publish self-attested proof-of-reserves on their websites rather than on-chain.
Our innovative token design is patent pending, and will not only provide additional transparency, but it will provide additional security for the users against unauthorized minting.
In most blockchain environments, the chain’s native token is also used as its primary method of conducting payments. This is a problem for adoption.
Sometimes, people simply want to transfer or store value using an efficient, decentralized, safe blockchain network. But cryptocurrencies tend to have a fairly volatile price. This is where stablecoins come in.
Stablecoins in the blockchain ecosystem are treated like cash.
They are used to send peer-to-peer payments, remittances, trading NFTs or other blockchain-native items, and for building decentralized financial protocols.