Cardano 的 DeFi 生態系統由 USDM 法幣支持的穩定幣支撐

Cardano 的 DeFi 生態系統迎來了由 Mehen Finance 發行的第一個由法幣支持的穩定幣 USDM。 USDM 透過僅由政府持有的貨幣市場共同基金持有的美元提供支持，從而提供價格穩定性。與演算法或合成穩定幣不同，USDM 無法被凍結，這是一個優勢。該穩定幣的首次推出僅限於機構投資者，預計將於 2024 年 4 月公開推出。USDM 面臨現有卡爾達諾原生穩定幣的競爭，但受到了社區的積極響應。它的成功將取決於卡爾達諾生態系統的廣泛採用。

Cardano's DeFi Ecosystem Bolstered by Fiat-Backed Stablecoin USDM

Cardano 的 DeFi 生態系統由法幣支援的穩定幣 USDM 提供支援

On March 17, 2024, Cardano's decentralized finance (DeFi) ecosystem took a significant stride forward with the introduction of USDM, the network's inaugural fiat-backed stablecoin. This issuance by Mehen Finance marks a departure from existing Cardano-native stablecoins such as DJED and iUSD, which employ algorithmic or synthetic mechanisms.

2024 年 3 月 17 日，隨著 USDM（該網絡首個由法幣支持的穩定幣）的推出，卡爾達諾的去中心化金融（DeFi）生態系統向前邁出了一大步。 Mehen Finance 的此次發行標誌著與 DJED 和 iUSD 等現有卡爾達諾原生穩定幣的背離，後者採用演算法或合成機制。

The Genesis of USDM: A Long-Awaited Milestone

USDM 的起源：期待已久的里程碑

USDM's launch culminates an arduous journey for Mehen. Initially scheduled for early 2023, the project encountered setbacks due to the closure of crypto-friendly banks and a shift in focus by Cross River, Mehen's initial banking partner, who subsequently joined forces with Circle, the issuer of USD Coin (USDC). "Once they had them, they didn't care about us anymore," lamented Matthew Plomin, Mehen's founder. "It was a kick in the nuts delay."

USDM 的推出使 Mehen 的艱辛歷程達到了頂峰。該項目最初計劃於 2023 年初進行，但由於加密貨幣友好型銀行關閉以及 Mehen 最初的銀行合作夥伴 Cross River 的重點轉移而遭遇挫折，Cross River 隨後與美元硬幣 (USDC) 發行人 Circle 聯手。 「一旦他們擁有了它們，他們就不再關心我們了，」Mehen 的創始人馬修·普洛明 (Matthew Plomin) 感嘆道。 “這真是一次令人震驚的延誤。”

A Fiat-Backed Bastion in the Cardano Landscape

卡爾達諾景觀中由法定貨幣支持的堡壘

Unlike algorithmic or synthetic stablecoins, USDM derives its stability from a reserve of U.S. dollars held by Mehen in government-only money market mutual funds at Fidelity and Western Asset Management. Similar to Tether (USDT) and USDC, this reserve system endeavors to maintain a 1:1 peg between USDM and the U.S. dollar.

與演算法或合成穩定幣不同，USDM 的穩定性源自於 Mehen 在富達和西方資產管理公司的政府專用貨幣市場共同基金中持有的美元儲備。與 Tether (USDT) 和 USDC 類似，該儲備系統致力於維持 USDM 與美元之間 1:1 的掛鉤。

In practice, users can effortlessly mint new USDM by depositing U.S. dollars with Mehen at a 1:1 ratio and redeem their USDM holdings for U.S. dollars at any time. This direct peg offers several advantages. First, it mitigates the volatility commonly associated with algorithmic and synthetic stablecoins. Second, USDM has the potential to attract new users and projects to the Cardano ecosystem, particularly those seeking the perceived security of fiat-backed assets.

在實踐中，用戶可以透過將美元以1:1的比例存入Mehen來輕鬆鑄造新的USDM，並隨時將其持有的USDM兌換成美元。這種直接掛鉤有幾個優點。首先，它減輕了通常與演算法和合成穩定幣相關的波動性。其次，USDM 有潛力吸引新用戶和專案加入卡爾達諾生態系統，特別是那些尋求法定資產安全性的使用者和專案。

Transparency and Accountability: Cornerstones of USDM

透明度與問責制：USDM 的基石

Transparency is paramount for USDM, according to Mehen. The reserve backing the stablecoin is purportedly reflected directly on-chain through Charli3, a decentralized oracle designed for the Cardano network. This integration facilitates real-time verification of the U.S. dollar reserves allegedly backing the USDM in circulation. Plomin also highlighted a unique feature in USDM that precludes excessive minting, as reported by Cointelegraph. Unlike USDC and USDT, USDM cannot be frozen, rendering it a superior stablecoin, according to Caleb Montiel, founder of Cardano Curation.

Mehen 表示，透明度對於 USDM 至關重要。據稱，支持穩定幣的儲備金透過 Charli3（專為卡爾達諾網路設計的去中心化預言機）直接反映在鏈上。這種整合有助於即時驗證據稱支持流通中 USDM 的美元儲備。根據 Cointelegraph 報導，Plomin 還強調了 USDM 的一個獨特功能，可以防止過度鑄造。 Cardano Curation 創辦人 Caleb Montiel 表示，與 USDC 和 USDT 不同，USDM 無法凍結，這使其成為一種優質的穩定幣。

Regulatory Concerns: A Sword of Damocles?

監理問題：達摩克利斯之劍？

The inability to freeze USDM directly on the Cardano blockchain has elicited concerns among community members who apprehend that regulators could potentially freeze the bank accounts holding USDM's reserve funds, potentially disrupting the stablecoin's 1:1 peg to the U.S. dollar. This apprehension is amplified by Mehen's headquarters in New York, a state with a history of stringent regulations and enforcement actions against major cryptocurrency players. However, Plomin emphasized that the USDM reserve is held in secure, government-backed money market mutual funds at Fidelity and Western Asset Management. These funds differ from traditional bank accounts, potentially mitigating the risk of direct freeze.

無法直接在卡爾達諾區塊鏈上凍結 USDM 引起了社區成員的擔憂，他們擔心監管機構可能會凍結持有 USDM 儲備資金的銀行帳戶，從而可能擾亂該穩定幣與美元 1:1 的掛鉤。 Mehen 位於紐約的總部加劇了這種擔憂，紐約州歷來對主要加密貨幣參與者採取嚴格的監管和執法行動。不過，普洛明強調，USDM 儲備存放在富達和西方資產管理公司的安全、政府支持的貨幣市場共同基金。這些資金與傳統的銀行帳戶不同，可能會降低直接凍結的風險。

Public Rollout: A Broader Embrace

公開推出：更廣泛的擁抱

The initial launch on March 17 was restricted to institutional investors. A public rollout for retail users is anticipated in April 2024, with licensing already secured in 17 U.S. states and more planned. Wider accessibility will be crucial for USDM's long-term adoption within the Cardano community.

3 月 17 日首次推出僅限機構投資者。預計將於 2024 年 4 月向零售用戶公開推出，目前已在美國 17 個州獲得許可，並計劃在更多州獲得許可。更廣泛的可訪問性對於 USDM 在卡爾達諾社區的長期採用至關重要。

Competitive Landscape: Navigating the DeFi Seas

競爭格局：在 DeFi 海洋航行

One potential hurdle for USDM is competition from existing Cardano-native stablecoins like DJED and iUSD. While USDM offers the perceived security of a fiat-backed asset, algorithmic and synthetic stablecoins can boast features like built-in lending functionalities. The relative ease of integrating these features into algorithmic and synthetic models could pose a challenge for USDM, particularly if it struggles to gain initial traction.

USDM 的一個潛在障礙是來自 DJED 和 iUSD 等現有卡爾達諾原生穩定幣的競爭。雖然 USDM 提供了法定支援資產的安全性，但演算法和合成穩定幣可以擁有內建借貸功能等功能。將這些功能整合到演算法和合成模型中相對容易，這可能會給 USDM 帶來挑戰，特別是如果它難以獲得最初的吸引力的話。

Community Reception: Cautious Optimism

社區反應：謹慎樂觀

The community has generally welcomed USDM. In an article by crypto-blogger Marco_112358, he acknowledges the stablecoin's potential to stabilize the DeFi ecosystem but identifies potential vulnerabilities in maintaining its 1:1 USD peg. He suggests that liquidity issues and traditional banking delays could also cause temporary price fluctuations, while external factors like bank failures or regulations could impact the underlying reserves backing USDM. Despite these concerns, Marco views USDM favorably due to Mehen's Financial Crimes Enforcement Network (FinCEN) registration and the use of secure government-backed money market funds. The article also examines a potential launch on Minswap, a multi-pool DEX on Cardano, which was put up for a community vote.

社群普遍歡迎 USDM。在加密貨幣部落客 Marco_112358 的一篇文章中，他承認穩定幣具有穩定 DeFi 生態系統的潛力，但也指出了維持 1:1 美元掛鉤的潛在漏洞。他認為，流動性問題和傳統銀行業務延誤也可能導致暫時的價格波動，而銀行倒閉或監管等外部因素可能會影響支持 USDM 的基礎儲備。儘管有這些擔憂，Marco 還是對 USDM 持積極態度，因為 Mehen 的金融犯罪執法網絡 (FinCEN) 註冊並使用了政府支持的安全貨幣市場基金。這篇文章也探討了 Minswap 的潛在推出，Minswap 是 Cardano 上的多池 DEX，並已提交社區投票。

A Contender in the DeFi Arena

DeFi 領域的競爭者

USDM's arrival positions Cardano as a more formidable competitor to DeFi ecosystems like Ethereum and Solana, which boast a wider variety of fiat-backed stablecoins. USDM's success will hinge on its ability to achieve widespread adoption among Cardano users, developers, and decentralized applications (dApps).

USDM 的到來使卡爾達諾成為以太坊和 Solana 等 DeFi 生態系統更強大的競爭對手，這些生態系統擁有更廣泛的法幣支持的穩定幣。 USDM 的成功將取決於其在 Cardano 使用者、開發人員和去中心化應用程式 (dApp) 中廣泛採用的能力。

A Matter of Loyalty: The Cardano Community Embraces USDM

忠誠度問題：卡爾達諾社群擁抱 USDM

Despite the presence of $USDC and $USDT on Cardano, some community members remain loyal to $USDM. "I would be loyal to $USDM because it was the first USD-backed stablecoin in our ecosystem and the Mehen team deserves it," said Cardano YOD₳ (@JaromirTesar).

儘管卡爾達諾上存在 $USDC 和 $USDT，但一些社區成員仍然忠於 $USDM。 Cardano YOD₳（@JaromirTesar）表示：“我會忠於 $USDM，因為它是我們生態系統中第一個以美元支持的穩定幣，Mehen 團隊應得的。”

Conclusion: A New Chapter in Cardano's DeFi Odyssey

結論：卡爾達諾 DeFi 之旅的新篇章

The launch of USDM marks a significant milestone in Cardano's DeFi ecosystem. By providing a fiat-backed stablecoin, Mehen has addressed a key need in the Cardano community. While challenges remain, USDM's potential to stabilize the DeFi ecosystem and attract new users and projects to Cardano cannot be underestimated. As the project matures and wider accessibility is achieved, USDM's impact on Cardano's DeFi landscape will undoubtedly be profound.

USDM的推出標誌著卡爾達諾DeFi生態系統的一個重要里程碑。透過提供法定支援的穩定幣，Mehen 滿足了卡爾達諾社區的一個關鍵需求。儘管挑戰依然存在，但 USDM 在穩定 DeFi 生態系統以及吸引新用戶和專案到 Cardano 方面的潛力不可低估。隨著專案的成熟和更廣泛的可訪問性的實現，USDM 對卡爾達諾 DeFi 格局的影響無疑將是深遠的。