Cardano founder Charles Hoskinson has called Moneta Digital’s USDM “the most advanced stablecoin ever built,” tying it to efforts to create a privacy-preserving dollar on the network’s Midnight sidechain.
USDM already exists on Cardano as a regulated, fiat-backed token with reserves managed by firms like Fidelity. Around $12 million is in circulation, with minting available in select U.S. states.
The next step, developers say, is a version that supports selective disclosure—private for everyday use but transparent to regulators when required.
Andrew Westberg, a lead developer, described a system where employees, accountants, and investigators would each see different levels of financial detail.
He argued this complexity is essential for blockchain to compete with traditional finance, especially in areas like payroll, utilities, and cross-border transfers.
Skeptics counter that simpler stablecoins such as USDC already meet most needs, but Hoskinson insists Cardano’s model offers the balance of compliance and confidentiality required for mainstream adoption. The initiative, spotlighted during a workshop in Argentina, highlights Cardano’s push to position stablecoins as a bridge between crypto and real-world finance.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/cardano-bets-big-on-a-new-kind-of-stablecoin/