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Episode Transcript
We have some big news from USDM.
Speaker 2 (00:03):
The retail minting of USDM is coming very soon with
their beta program opening up right now.
Speaker 1 (00:10):
If you are a.
Speaker 2 (00:11):
User in the various states where the beta program is
opened up, you can start minting USDM. This is super
exciting and this is the news announcement right here. If
you are in the United States, you can join this program.
Let me go through the details here for you.
Speaker 1 (00:26):
Exciting news.
Speaker 2 (00:27):
USDM Beta program for retail users is officially open for
the first time. Selected individuals in qualifying US states can
mint and burn USDM. Caadana's premiere fear backstaber Cooin applying
now as part of the beta program. Why join as
Beta Tessa. You get early access to retail mint and
burn systems and help shape the future of Meneta. Your
(00:49):
feedback is crucial improving the platform and we're also offering
a special fee arrangement for participants to qualify.
Speaker 1 (00:56):
Here is what you'll need.
Speaker 2 (00:57):
Complete the KYC with your real name and government issued ID,
a CAADANAH wallet with fifteen US with fifteen eighta a
US bank account, and two factor authentication. Be one of
our operational state and these are the operational states here California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Kansas, Massachusetts, Missouri, Montana,
(01:20):
New Hampshire, North Dakota, Pennsylvania, Tennessee, Utah, Virginia, Wisconsin, and Wyoming.
So these are the states. If you are in one
of them, you can participate. That's really cool radio apply
click here at join the beta program. This is the
website here you can go through and sign up if
you are in one of those particular states. This is
(01:41):
the registration form here. You have to consent to the
whole privacy and everything else around KYC and then you
can let them know what you're planning to mint within
the platform as well. Now this is only open up
to those particular states in the United States, so this
it's still a very limited selection of users. But the
(02:05):
massive headache that anyone has to operate in the United
States is crazy. You have to go through each one
of the states and comply with our regulations, go through
all the paperwork for all fifty two states of the
USA to be able to roll out something like this. Hence,
only these states are only opened at the moment. This
(02:26):
is same for retail and for the big whales out
there in the space as well or the enterprise clients
that have been using the platform already. So something to
keep in mind there. Now, when will we see this
in other states and in other countries around the world.
Not sure about the US, there is a lot of
paperwork there to do, but we will see very soon.
The EU, everything in the European Union thanks to NBX
(02:50):
dot Com, the Norwegian exchange that has all the regulatory
licenses to be able to mint the US euro M.
Speaker 1 (03:00):
I don't know. Maybe they've also.
Speaker 2 (03:02):
Are allowing you to mint USDM but use FIT backed
currencies such as euro in there to back that USDM.
Now I'm not sure the mechanics there, So either you
be minting USDM using euro or you be minting euro
M or EUROM and backing that up with euro. So
one of the two there, I'm assuming it would be
(03:23):
the latter, but we'll see what comes out of this.
But I'm really excited to see that the Monetta team
have gone to this point of allowing retail users onboarding
to the platform. So one of the really big benefits
and why you would want to be able to mint
and burn USDM as a retail user, is that you
can take advantage of arbitrage on various decks is out there.
(03:44):
You may be able to buy the USDM token at
the higher or lower price than its stable cooin price.
So it's always supposed to be at that one US
dollar mark, so you know this level will here, but
you can see on the charts that it does dip
well low and it does go much higher. This is
a dollar thirteen. It's the lowest point here is eighty
(04:06):
two cents. So here you could have purchased it and
then gone straight to the Meneta website and burnt it
there and redeem it for one USD so you could
have made a eighteen cent profit on each one of
those trades. And same here on this side. When the
price of USDM was well above one dollar, I could
have minted more at USDM on the Manetta website, then
(04:30):
gone to an exchange and then sold it for that
inflated price and made a little bit of profit off it.
So there's lots of arbitrage opportunities there to trade off
the stable coins, and this helps with the stabilization of
the price. So as soon as people start buying at
a low price and then exiting and then selling at
(04:51):
high price, we'll see the price of USDM, the stable
coin go back down to its pegged value on the
various decks. So when we see more of that activity
happen on small and larger scales, that means we have
more trading volume on the DEXes and people that are
doing and take advantage of those upper charge opportunities, they'll
be making profit along the way, so they'll be benefiting
(05:13):
from all of that too. So this is a major
benefit for retail users to be able to participate in
all of this activity as well. So what do you
guys think. Are you excited about this particular announcement? Do
you think retail usage of USDM will make a difference
for a Cadano's DeFi ecosystem. Leave a comment down below
let me know what you guys think, and if you
(05:33):
enjoy this video, hit that thumbs up like subscribe.
Speaker 1 (05:36):
Notification bell or become a channel member.
Speaker 2 (05:39):
Even I've got more channel members now I've hit the
sixteen mark. I'm really happy with that. Thank you so
much guys for the support. You guys are absolutely rock.
I'll see in the next video
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