Cardano 的 DeFi 生态系统由 USDM 法币支持的稳定币支撑

Cardano 的 DeFi 生态系统迎来了由 Mehen Finance 发行的第一个由法币支持的稳定币 USDM。 USDM 通过仅由政府持有的货币市场共同基金持有的美元提供支持，从而提供价格稳定性。与算法或合成稳定币不同，USDM 无法被冻结，这是一个优势。该稳定币的首次推出仅限于机构投资者，预计将于 2024 年 4 月公开推出。USDM 面临来自现有卡尔达诺原生稳定币的竞争，但受到了社区的积极响应。它的成功将取决于卡尔达诺生态系统的广泛采用。

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

Cardano 的 DeFi 生态系统由法币支持的稳定币 USDM 提供支持

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，随着 USDM（该网络首个由法币支持的稳定币）的推出，卡尔达诺的去中心化金融（DeFi）生态系统向前迈出了一大步。 Mehen Finance 的此次发行标志着与 DJED 和 iUSD 等现有卡尔达诺原生稳定币的背离，后者采用算法或合成机制。

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 的艰辛历程达到了顶峰。该项目最初计划于 2023 年初进行，但由于加密货币友好型银行关闭以及 Mehen 最初的银行合作伙伴 Cross River 的重点转移而遭遇挫折，Cross River 随后与美元硬币 (USDC) 发行人 Circle 联手。 “一旦他们拥有了它们，他们就不再关心我们了，”Mehen 的创始人马修·普洛明 (Matthew Plomin) 感叹道。 “这真是一次令人震惊的延误。”

A Fiat-Backed Bastion in the Cardano Landscape

卡尔达诺景观中由法定货币支持的堡垒

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.

与算法或合成稳定币不同，USDM 的稳定性源自 Mehen 在富达和西方资产管理公司的政府专用货币市场共同基金中持有的美元储备。与 Tether (USDT) 和 USDC 类似，该储备系统致力于维持 USDM 与美元之间 1:1 的挂钩。

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.

在实践中，用户可以通过将美元以1:1的比例存入Mehen来轻松铸造新的USDM，并随时将其持有的USDM兑换成美元。这种直接挂钩有几个优点。首先，它减轻了通常与算法和合成稳定币相关的波动性。其次，USDM 有潜力吸引新用户和项目加入卡尔达诺生态系统，特别是那些寻求法定资产安全性的用户和项目。

Transparency and Accountability: Cornerstones of USDM

透明度和问责制：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，透明度对于 USDM 至关重要。据称，支持稳定币的储备金通过 Charli3（专为卡尔达诺网络设计的去中心化预言机）直接反映在链上。这种整合有助于实时验证据称支持流通中 USDM 的美元储备。据 Cointelegraph 报道，Plomin 还强调了 USDM 的一个独特功能，可以防止过度铸造。 Cardano Curation 创始人 Caleb Montiel 表示，与 USDC 和 USDT 不同，USDM 无法冻结，这使其成为一种优质的稳定币。

Regulatory Concerns: A Sword of Damocles?

监管问题：达摩克利斯之剑？

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.

无法直接在卡尔达诺区块链上冻结 USDM 引起了社区成员的担忧，他们担心监管机构可能会冻结持有 USDM 储备资金的银行账户，从而可能扰乱该稳定币与美元 1:1 的挂钩。 Mehen 位于纽约的总部加剧了这种担忧，纽约州历来对主要加密货币参与者采取严格的监管和执法行动。不过，普洛明强调，USDM 储备存放在富达和西方资产管理公司的安全、政府支持的货币市场共同基金中。这些资金与传统的银行账户不同，可能会降低直接冻结的风险。

Public Rollout: A Broader Embrace

公开推出：更广泛的拥抱

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 日首次推出仅限机构投资者。预计将于 2024 年 4 月向零售用户公开推出，目前已在美国 17 个州获得许可，并计划在更多州获得许可。更广泛的可访问性对于 USDM 在卡尔达诺社区的长期采用至关重要。

Competitive Landscape: Navigating the DeFi Seas

竞争格局：在 DeFi 海洋中航行

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 的一个潜在障碍是来自 DJED 和 iUSD 等现有卡尔达诺原生稳定币的竞争。虽然 USDM 提供了法定支持资产的安全性，但算法和合成稳定币可以拥有内置借贷功能等功能。将这些功能集成到算法和合成模型中相对容易，这可能会给 USDM 带来挑战，特别是如果它难以获得最初的吸引力的话。

Community Reception: Cautious Optimism

社区反应：谨慎乐观

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.

社区普遍欢迎 USDM。在加密货币博主 Marco_112358 的一篇文章中，他承认稳定币具有稳定 DeFi 生态系统的潜力，但也指出了维持 1:1 美元挂钩的潜在漏洞。他认为，流动性问题和传统银行业务延误也可能导致暂时的价格波动，而银行倒闭或监管等外部因素可能会影响支持 USDM 的基础储备。尽管存在这些担忧，Marco 还是对 USDM 持积极态度，因为 Mehen 的金融犯罪执法网络 (FinCEN) 注册并使用了政府支持的安全货币市场基金。这篇文章还探讨了 Minswap 的潜在推出，Minswap 是 Cardano 上的多池 DEX，并已提交社区投票。

A Contender in the DeFi Arena

DeFi 领域的竞争者

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 的到来使卡尔达诺成为以太坊和 Solana 等 DeFi 生态系统更强大的竞争对手，这些生态系统拥有更广泛的法币支持的稳定币。 USDM 的成功将取决于其在 Cardano 用户、开发人员和去中心化应用程序 (dApp) 中广泛采用的能力。

A Matter of Loyalty: The Cardano Community Embraces USDM

忠诚度问题：卡尔达诺社区拥抱 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).

尽管卡尔达诺上存在 $USDC 和 $USDT，但一些社区成员仍然忠于 $USDM。 Cardano YOD₳（@JaromirTesar）表示：“我会忠于 $USDM，因为它是我们生态系统中第一个以美元支持的稳定币，Mehen 团队应得的。”

Conclusion: A New Chapter in Cardano's DeFi Odyssey

结论：卡尔达诺 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的推出标志着卡尔达诺DeFi生态系统的一个重要里程碑。通过提供法定支持的稳定币，Mehen 满足了卡尔达诺社区的一个关键需求。尽管挑战依然存在，但 USDM 在稳定 DeFi 生态系统以及吸引新用户和项目到 Cardano 方面的潜力不可低估。随着项目的成熟和更广泛的可访问性的实现，USDM 对卡尔达诺 DeFi 格局的影响无疑将是深远的。