Cardano's (CRYPTO: ADA) much-anticipated stablecoin Mehen (USDM) has faced delays in its launch date. Originally set to launch on Jan. 16, 2024, the Cardano team behind Mehen has pushed the release date back two months to March 16, 2024.
What Happened: The delay comes after an audit of Mehen's smart contracts by Sundae Labs surfaced issues that needed to be addressed prior to launch.
Price Action: Cardano has dropped 12.1% over the last 30 days.
Why It Matters: The Cardano community agreed with postponing the launch to ensure a smooth release.
Ed n’ Stuff, a Cardano community member, tweeted about the appeal of a Cardano stablecoin: “The USDM stablecoin can't be frozen nor clawbacked unlike all #ETH stables like USDC/USDT. Freezing features are not a legal requirement in the U.S.”
The fiat-backed token is designed to serve as the backbone for Cardano's decentralized finance ecosystem, providing stability and liquidity.
Whether Mehen's eventual launch can reinvigorate interest remains to be seen.
Read Next: What's Going On With Cardano? ADA's Dip Outpaces Losses In Bitcoin, Ethereum
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