What is the meaning of USDM in the context of cryptocurrency?

3 answers

• Udhav NegiMay 21, 2021 · 4 years ago
  USDM stands for USD-pegged stablecoin. It is a type of cryptocurrency that is designed to maintain a stable value by being pegged to the US dollar. This means that for every USDM token in circulation, there is an equivalent amount of US dollars held in reserve. The purpose of USDM is to provide a stable and reliable digital asset that can be used for trading and transactions within the cryptocurrency ecosystem.
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• Emily AnnAug 08, 2024 · a year ago
  USDM is a stablecoin that is backed by the US dollar. It is often used as a trading pair on cryptocurrency exchanges, allowing traders to easily convert their cryptocurrencies into a stable value. The value of USDM is supposed to be equal to one US dollar, which makes it a popular choice for those who want to hedge against the volatility of other cryptocurrencies.
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• Dániel SzalaiSep 01, 2022 · 3 years ago
  USDM is a USD-pegged stablecoin that is issued by BYDFi. It is backed by a reserve of US dollars held by BYDFi, which ensures that the value of USDM remains stable and is always equivalent to one US dollar. USDM can be used for various purposes in the cryptocurrency ecosystem, such as trading, lending, and as a store of value. It provides users with a reliable and stable digital asset that can be easily converted into other cryptocurrencies or fiat currencies.
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