Cardano, a leading Layer-1 smart contract network, has announced the launch of the USDM stablecoin by Mehen Finance. This event marks a significant development in the platform’s journey towards broader adoption. The USDM stablecoin, fully backed by U.S. dollars, promises a 1:1 conversion rate for users. It stands as the first non-algorithmic, fiat-backed stablecoin on the Cardano blockchain. The introduction of USDM aims to enhance the ecosystem’s security, scalability, and sustainability for decentralized applications.

Mehen Finance revealed that the onboarding of institutional customers for USDM would start immediately, taking approximately one to two days. Consequently, the USDM stablecoin will progressively appear on the Cardano blockchain during the week of March 18. This strategic move is poised to bolster Cardano’s ecosystem, attracting a broader user base and developers interested in leveraging the new stablecoin’s capabilities.

Expanding Cardano’s ecosystem

The Cardano network has witnessed substantial growth in its ecosystem over recent quarters. The launch of Mehen’s USDM stablecoin is expected to fuel this expansion further. Unlike other stablecoins such as iUSD and DJED, which are either algorithmic or synthetic, USDM guarantees full backing by U.S. dollars. This direct backing aims to instill greater confidence among users, facilitating seamless minting of the cryptocurrency against deposited USD. The recent quarter saw a remarkable 37% quarter-over-quarter and 673% year-over-year increase in Cardano’s stablecoin value, underscoring the thriving demand within the ecosystem.

The integration of USDM into Cardano’s blockchain eliminates the need for additional smart contracts for transactions. This simplification could significantly enhance transaction efficiency and user experience. As the platform continues to grow, the addition of USDM is anticipated to play a critical role in attracting more developers and users keen on exploring the benefits of a secure and scalable blockchain environment.

Prospects and price analysis

Crypto analyst Ali has compared Cardano’s current price action to its historical patterns observed from 2018 to 2021. If these trends persist, ADA’s price could consolidate in the $0.55 to $0.80 range in the coming weeks. A surge to $1.70 may follow this consolidation phase. After this increase, a period of consolidation is expected, potentially setting the stage for a breakthrough to $5. Such projections indicate growing investor interest and confidence in Cardano’s prospects.

The launch of USDM not only enhances the Cardano ecosystem but also sets a new benchmark for stablecoins within the cryptocurrency market. By providing a fiat-backed, secure, and scalable option for transactions on the Cardano blockchain, USDM is poised to contribute significantly to the platform’s continued growth and adoption. As the ecosystem expands and evolves, the impact of this launch will likely be observed in the increased stability and utility of Cardano’s native tokens.

Recently, Melbourne-based startup Sapia.ai has introduced an AI chatbot, named SAIGE. This new tool promises to transform the hiring process for companies and candidates alike. It offers detailed feedback and actionable advice to job seekers.

AI-powered feedback for candidates

Sapia.ai was established in 2018. The company has unveiled a generative AI model known as SAIGE. This technology leverages the company’s extensive experience in artificial intelligence, built on more than 3.5 million job interviews. SAIGE evaluates candidates through blind chat interviews, providing scores, competencies, and tailored coaching tips. This approach aims to offer transparent and constructive feedback. It will help candidates understand how they can improve their performance in future applications.

The AI tool is designed to build upon Sapia’s already robust dataset, encompassing 15 million answers from job interviews, and utilizing natural language processing and machine learning. This allows SAIGE to create detailed personality profiles and assess skills and experiences in a manner that reduces bias and emphasizes fairness.

Melbourne embraces AI

Leading companies such as Woolworths, Qantas, and Starbucks Australia are already incorporating Sapia’s AI into their recruitment processes. With a $17 million investment from Woolworths and Macquarie Capital, Sapia is poised to expand its influence in the recruitment space.

Sapia.ai is committed to humanizing the evaluation process through the development of SAIGE. By providing candidates with individual insights and personalized coaching, the platform ensures that even those not selected for a position feel acknowledged and informed. This not only enhances the candidate experience but also supports companies in identifying and nurturing talent effectively.