Genius Yield becomes an official USDM launch partner

15th of March 2024, Zug, Switzerland: Genius Yield, the all-in-one DeFi platform, that combines an order-book DEX with an AI-powered yield optimizer, is thrilled to announce its partnership with Mehen, provider of the fiat-backed stablecoin solution for the Cardano blockchain, marking the official launch of the USDM stablecoin on Genius Yield’s DEX.

USDM, the fiat-backed stablecoin, fills a critical gap in Cardano’s ecosystem, enabling seamless interaction with fiat currencies in decentralized finance (DeFi). By providing a stable trading pair against fiat, USDM enhances predictability and facilitates smoother transactions within the Cardano network. Beyond DeFi, USDM extends Cardano’s utility to everyday transactions, attracting new users and injecting liquidity into the ecosystem while offering a safer fiat-to-ADA onboarding alternative to centralized exchanges.

USDM must-know facts:

Fiat-Backed Stability: Backed 1:1 by USD in a US-based Reserve, ensuring stability in the volatile crypto market.
Cardano Integration: Leveraging the security and efficiency of the Cardano blockchain for seamless transactions.
Capital Efficiency: Designed for maximum capital efficiency, ideal for DeFi protocols and on-chain payments.

USDM Listing on Genius Yield’s DEX

USDM will be listed on the Genius Yield’s DEX the week commencing 18th of March, 2024. To celebrate the launch, the Genius Yield team will offer exciting incentives for traders and liquidity providers. For a limited time, all USDM/ADA limit orders, created and executed on the DEX, will receive a x3 APY boost paid out in GENS and distributed as a part of the Accelerated Yield Program!

The exact starting date will be communicated in the upcoming days by Genius Yield and Mehen teams on the respective social media channels.

Additionally, dedicated USDM/ADA Market Maker Bots (MMBs) and Smart Order Routers (SORs) will enhance liquidity and trading efficiency on the Genius Yield’s DEX. Both MMBs and SORs are open-sourced to the Cardano community, so everyone can create theirs and participate in the USDM launch! If you need assistance with creating your own Market Maker Bot, then join Genius Yield’s Discord and head to the “#mmb-operators” section.

Both Mehen and Genius Yield teams are excited to cooperate and bridge the gap between traditional fiat currencies and the decentralized world of blockchain.

Stay tuned for more updates and follow both projects’ social media channels listed below!

About Genius Yield

Genius Yield is the all-in-one DeFi platform that combines an order-book DEX with an AI-powered yield optimizer, built from the ground up on the Cardano blockchain.

It is designed to take advantage of benefits provided by Cardano’s EUTxO smart contracts, such as security, determinism, parallelism, scalability, and composability.

The Genius Yield platform is accessible both to beginners and seasoned traders. Our solutions are practical and easy to use, allowing participants to reap the benefits of DeFi in a mitigated environment anchored on security, transparency, and automation.

Genius Yield minimizes risk and maximizes profits in an intuitive, hassle-free way.

The Community DEX

At Genius Yield we firmly believe that sustainable growth can be achieved through collaboration with the Cardano community and the ecosystem. That’s why selected, core elements of our DEX were open-sourced:

About USDM

USDM is the first fiat-backed stablecoin issued on the Cardano blockchain. It is backed 1:1 by USD in the USDM Reserve, and can be purchased or redeemed for $1. The token conforms with the standard Cardano native token formats, with 6 decimal points, for maximum compatibility and composability within the Cardano blockchain ecosystem. Reserves are verified by the Charli3 Oracle network, which has read-only access to the USDM Reserve accounts. For ultimate Proof of Reserves transparency, the Charli3 Oracle independently reports the value of the USDM Reserve on-chain daily. Minting of the USDM token is controlled by smart contracts that ensure the amount of USDM that is able to be minted is equivalent to the USDM Reserve as independently reported by Charli3. The USDM Reserve is held in a group of AAA-rated USD Government-only Money Market Funds and bank accounts. Designed to be stable, transparent, and efficient, USDM bridges the gap between traditional fiat currencies and the decentralized world of blockchain.

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