OSLO: Norwegian Block Exchange (NBX) has entered into an agreement to be the European issuer of a US dollar stablecoin in collaboration with Mehen Finance LLC.
Mehen Finance LLC owns the rights to the stablecoin USDM and carries out issuance and redemption in the USA, while NBX will perform corresponding operations for the European part of the business.
Norwegian Block Exchange (NBX) will issue the stablecoin under the European e-money regulations, and in compliance with MICA when the regulation comes into effect.
USDM is the first USD stablecoin on the Cardano network that is secured 1-to-1 with fiat money.
As of April 2024, approximately 140 billion USD in equivalent stablecoins have been issued on comparable blockchains.
The agreement reaffirms NBX’s strong strategic position as the bridge between traditional and digital finance.
NBX is a financial services company that builds products and services based on digital assets. NBX is registered with the Financial Supervisory Authority of Norway and is listed on the Oslo Stock Exchange Euronext Growth.
Mehen Finance LLC is a Delaware-registered Limited Liability Company, registered with the Montana Secretary of State’s office and with the U.S. Federal Government as a FinCEN Money Services Business.