NBX and Cardano’s USDM Stablecoin Join Forces to Serve EU

NBX and Cardano's USDM Stablecoin Join Forces to Serve EU

Issuer

Norwegian Block Exchange AS

Norwegian Block Exchange (NBX) is the leading crypto service provider in the
Nordics.

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 USDM stablecoin and conducts issuance and redemption in the USA,
while NBX will do the same for the European part of the business.

When the regulation comes into effect, NBX will issue the stablecoin under
European e-money regulations and in compliance with MICA.

Through this agreement, NBX will become the co-issuer of USDM in the EU,
allowing the minting of new USDM and redemption of the USD fiat equivalent of
the USDM by burning the USDM token for the return of USD. This agreement
leverages the e-money license NBX holds and aligns with Mehen's strategy of
being a regulated and licensed stablecoin with global coverage, ensuring that
USDM remains the standard for regulatory compliance and transparency.

USDM is a Cardano Native Token (CNT) fiat-backed stablecoin that is fully
reserved, transparent, and audited. USDM is the first to market as a fiat-backed
Cardano-native stablecoin, with daily 3rd party reserves verification through
oracles to provide transparency. It currently serves nearly 50% of the U.S.
population with a roadmap to regulatory-compliant global coverage within 12
months. It also supports community integration with over 25 Cardano projects
integrating the USDM token. Mehen aims for USDM to serve as a base asset for
decentralized finance (DeFI) protocols and enable instant on-chain payments.

The Cardano blockchain is one of the most decentralized blockchains, as shown
recently through the Edinburgh Decentralized Index (EDI) alpha release. It is
currently implementing governance improvements with the Cardano Improvement
Proposal (CIP) 1694 in the Chang hard fork. The total market cap of the Cardano
Native Tokens is close to 2 billion USD. There is a growing market and need for
stablecoins to facilitate decentralized applications (dApps) functionality like
DeFI. Norwegian Block Exchange is excited to partner with Mehen as a co-issuer
of the stablecoin USDM to help meet these needs.

Media contacts:

Stig Kjos-Mathisen
Title: CEO NBX
Email: [email protected]

Alex Schwartz
Title: Communications Director, USDM
Email: [email protected]

About Norwegian Block Exchange (NBX): NBX is a financial services company
building products and services based on digital assets. NBX is registered with
the Financial Supervisory Authority and is listed on the Oslo Børs Euronext
Growth.

About Mehen Finance LLC (Mehen): Mehen Finance LLC is a Delaware-registered
Limited Liability Company registered with the Montana Secretary of State's
office and the U.S. Federal Government as a FinCEN Money Services Business.
[Link to Mehen Finance LLC's website: https://www.mehen.io/]

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