Steve Fisher, our pool operator, is the CTO for Mehen.
Mehen is the brain child of Matt
Plomin. The Mehen project
will bring the first one to one, fiat backed stablecoin to the Cardano ecosystem called USDM.
The Mehen Project aims to achieve the following three key objectives.
- Issuance of a Cardano native stablecoin pegged 1-to-1 with the US dollar, backed fully and
transparently by liquid US dollar-denominated assets.
- Reinvestment of proceeds generated by the stablecoin protocol to fund further development
- Improving decentralized ownership and governance of both efforts via a Mehen tokenholders’
decentralized autonomous organization (DAO).
Unfortunately, none of the Mehen Catalyst Proposals for Fund 9 passed. No matter! Work continues on this project because we believe it will be a cornerstone
in the Cardano ecosystem once we release it.
We kept the proposals listed here because they do contain a lot of information about the project itself.
Stablecoin USDM: This proposal covers the tech and development teams - front-end, back-end, and on-chain minting/burning systems. It also provides funding for marketing, graphics, videos, and community management.
Assistance: The basic set of checks - liveliness and document verification, OFAC screenings, and fraud checks costs Mehen just under $2 per user. This proposal will allow us to on-board over 5,000 users to the Mehen protocol for free, enabling them to get paid in the USDM coin, then burn/redeem USDM for USD.
- Mehen: USDM State
Licensing Fees: The licensing process is expensive, and each state charges a different amount. Some states charge up to $10,000 to apply for a license. For this $26,578 we can pay the application fees for licenses in the following 27
states and territories: Idaho, Missouri, Utah, Delaware, DC, Maine, New Hampshire, Nevada, Louisiana, Mississippi, North Dakota, Alabama, Indiana, Nebraska, Oregon, Virginia, Washington, West Virginia, Kentucky, Massachusetts, Iowa, North Carolina, Rhode Island, South Dakota, Kansas, Arizona, and Connecticut.
By achieving legal operating status in these states, we will be able to have a larger base of individuals who are able to mint and redeem USDM, enhancing its utility as a stablecoin.