Moneta Digital

What Moneta Digital does

Moneta Digital LLC is a US-registered issuer of USDM, a fiat-backed USD stablecoin issued natively on the Cardano blockchain. The company originated in March 2023 as Mehen Finance LLC, a grassroots initiative inside the Cardano community, and was later reorganized as a wholly-owned subsidiary of W3i Software and rebranded as Moneta Digital. It serves retail crypto users seeking dollar-denominated on-chain exposure, institutional treasury teams and trading desks needing regulated stable settlement, businesses and freelancers executing cross-border USD transfers, and Cardano dApp developers integrating USDM as a base liquidity and payment asset. The company operates from West Lafayette, Indiana, with 1-10 employees.

USDM is issued as a CIP-25 native Cardano asset under the extended-UTxO model, with no bridges or wrapped-token counterparty risk. The token uses multi-signer operational security and a daily on-chain proof-of-reserves published through a Cardano oracle, with reserves held in US money market funds (80%) and FDIC-insured bank deposits (20%) at tier-one US institutions. The company is FinCEN-registered as a Money Services Business (#31000327040139), is money transmitter-licensed in 20 US states while pursuing all 50, and achieved MiCA compliance in Europe in October 2024 via a channel partnership with Norwegian Block Exchange (NBX) that covers the EU/EEA plus 150+ countries.

Moneta's revenue derives from spreads on mint and redemption activity and from yield earned on the reserve asset base, supplemented by institutional OTC and settlement services. Distribution is multi-channel: a self-serve individual minting app (app.moneta.global) with Plaid-powered KYC, direct enterprise sales via [email protected], and partner-led distribution through NBX in Europe and 30+ Cardano DeFi protocols including Minswap, SundaeSwap, WingRiders, Liqwid, Fluid Token, and Strike Finance. USDM is also positioned as a payment rail for non-crypto use cases including World Mobile (DePIN), ZenGate Global's Palmyra RWA commodity exchange, Veralidity's merchant checkout, and NMKR's NFT platform. Founder Matt Plomin passed away in November 2024; the project continues under the Moneta Digital banner following a strategic investment round into parent W3i Software in March 2025.

Name

Moneta Digital

Legal name

Moneta Digital LLC

Website

https://moneta.global

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Moneta Digital LLC issues USDM, a USD-backed stablecoin native to the Cardano blockchain. It serves retail users, institutional treasuries, and Cardano dApp developers under dual FinCEN and MiCA regulation, with >$15M in circulation and 30+ DeFi integrations.

Ownership category

akta.pro rank

Product category

Stablecoin Issuance

akta.pro primary industry

Stablecoin Issuers (Fiat-Backed) (FSADADAA)

akta.pro secondary industries

Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Stablecoin Risk, Monitoring & Analytics (Peg/Reserve/Flow) (FSADADAK), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB), On/Off-Ramps & Fiat Liquidity Providers for Stablecoins (FSADADAG)

Keywords

• Fiat-backed stablecoin
• Cardano blockchain payments
• DeFi base asset
• On-chain USD settlement
• Regulated stablecoin issuance

Headquarters

HQ city

Bozeman

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Stablecoin Minting & Redemption (1:1): Users wire USD to the Moneta reserve at a 1:1 rate; USDM tokens are minted 1:1 on Cardano. No minting fee disclosed. Redemptions burn USDM and return USD to bank account. Revenue potential via spreads on mint/redeem and reserve management.
2. Reserve Asset Yield: Reserves are held in US Money Market Funds (80% allocation) and FDIC-insured USD Bank Deposits (20% allocation) at tier-one US institutions. Interest/yield earned on these reserve assets accrues to the issuer.
3. Institutional OTC & Settlement Services: Institutional OTC trading and settlement services for treasury managers, funds, and trading desks. Bespoke minting limits, KYB onboarding, and institutional settlement with T+instant finality.

Pricing tiers

Go-to-market motion5 records

Distribution channels5 records

Marketing channels7 records

Core offering

Moneta Digital issues USDM, a 1:1 fiat-backed USD stablecoin minted natively on the Cardano blockchain under the CIP-25 standard. The company operates a self-serve minting app for individuals and an institutional OTC and settlement desk for businesses, with reserves held at tier-one US financial institutions and verified on-chain daily.

Differentiator

Problem solved

Functional benefit

Brands

• USDM: Cardano-native, USD-pegged, 1:1 fiat-backed stablecoin issued by Moneta Digital LLC. Issued as a CIP-25 native Cardano asset with Policy ID c48cbb3d5e57ed56e276bc45f99ab39abe94e6cd7ac39fb402da47ad, 6 decimals.

Products and services

• USDM Stablecoin Cardano-native, USD-pegged, 1:1 fiat-backed stablecoin issued as a CIP-25 native asset with 6 decimals. Backed 1:1 by USD reserves held with tier-one US institutions (80% Money Market Funds, 20% FDIC-insured USD Bank Deposits), with daily on-chain proof-of-reserves verification. Dual-regulated under FinCEN MSB and MiCA (via NBX), available to individuals in 20 US states and to customers across the EU/EEA and 150+ countries.
• Moneta App (Self-Serve Minting Platform) Self-serve web application at app.moneta.global that lets individuals mint and redeem USDM after Plaid-powered KYC and wallet connection. Supports bank linking, 1:1 USD minting with no minting fee, and a $1,000 minimum mint. Sends USDM directly to the user's self-custodied Cardano wallet.
• Institutional OTC and Settlement Services Direct enterprise offering for institutions, corporates, treasury teams, and trading desks, including bespoke minting limits, KYB onboarding (2-5 business days), OTC desk access, API access, custodial arrangements, and T+instant settlement for cross-border payments, payroll, vendor payments, and treasury management.

Quantifiable outcome

• Circulating USDM supply > $15M with ≥100% reserve ratio verified daily on-chain
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration30 records

Feature5 records

Partnerships

20 partnerships are on record, tiered flagship / critical operating partner, flagship / core dex, core / pre-launch dex, core dex, core dex aggregator, flagship / core lending, core lending, core derivatives, core / official marketing partner, core wallet / official integration partner, core wallet, core consumer app, core / strategic rwa, core / merchant payments and flagship / strategic coalition.

• NBX (Norwegian Block Exchange)flagship / critical operating partnerChannel Partner/ Reseller/ DistributorMoneta's official operating partner for the European Economic Area. NBX provides the licensed pathway for USDM minting, redemption, and CEX trading in 150+ countries plus the entire EU under MiCA. The dual-entity structure (Moneta MSB in the US + NBX co-issuer in Europe) makes USDM globally accessible.
• Minswapflagship / core dexTechnology or IntegrationCardano's leading DEX by volume. Hosts the deepest USDM/ADA liquidity pool on Cardano and the highest USDM transaction count of any DEX. USDM was a pre-launch integration partner; trading went live the day USDM hit mainnet.
• SundaeSwapcore / pre-launch dexTechnology or IntegrationOne of Cardano's earliest and most-established AMMs, with concentrated-liquidity v3 architecture. Sundae Labs worked with the Mehen/Moneta team on protocol-level integration during USDM's pre-launch — USDM was tradable on SundaeSwap from day one of mainnet.
• WingRiderscore dexTechnology or IntegrationFast native AMM DEX on Cardano offering swaps, staking, yield farming, limit orders, and DAO governance via the $WRT token. WingRiders supports USDM trading pairs and liquidity provision as an Official DEX Partner.
• GeniusYieldcore dexTechnology or IntegrationAdvanced DEX with smart order routing, market maker bots, and focus on capital-efficient trading on Cardano. GeniusYield combines an order-book model with AMM features and supports USDM as a base trading pair.
• Splash Protocolcore dexTechnology or IntegrationDecentralized market-making and trading platform on Cardano using multiple AMM pool types and a Temporal Liquidity Book. USDM is integrated into Splash liquidity pools including constant product, weighted, stable, and dynamic AMM pools.
• DexHuntercore dex aggregatorTechnology or IntegrationLeading DEX aggregator on Cardano with 60%+ daily volume share. Routes trades across 15+ DEXes for the best execution price. USDM is one of four supported stablecoins in DexHunter's USDH aggregator product.
• Liqwidflagship / core lendingTechnology or IntegrationCardano's leading non-custodial money market with algorithmic lending, isolated risk parameters, and on-chain governance. USDM serves as a price-stable yield asset (suppliers earn variable APY) and as a stable borrowing asset. Integrates with wallets like Begin for one-click access.
• Fluid Token (FluidTokens)core lendingTechnology or IntegrationIsolated-pool DeFi lending and borrowing platform on Cardano with high capital efficiency and an equal-distribution system. USDM is supported across lending pools and as the stable settlement asset for NFT-collateralized loans, letting Cardano collectors unlock dollar liquidity without selling their assets.
• Strike Financecore derivativesTechnology or IntegrationCardano's first perpetual futures and derivatives protocol offering leveraged trading on ADA and other Cardano native assets. All options trading on Strike is denominated in USDM as the base settlement asset, making USDM the principal stablecoin for AMM-based options contracts.
• NMKRcore / official marketing partnerTechnology or IntegrationCardano's leading NFT and tokenization platform, used by creators, brands, and IP holders to mint, sell, and manage digital assets at scale. USDM is a native payment method on NMKR — letting creators price drops in stable USD terms instead of volatile ADA. Used in high-profile drops including the SokoSumi art series.
• Xerberusflagship / critical operating partnerTechnology or IntegrationIndependent crypto risk-rating and on-chain monitoring service that operationally watches USDM's on-chain flow for AML, suspicious-activity, and law-enforcement-response purposes. Xerberus does not accept payment from rated issuers — its ratings and monitoring sit at arm's length from Moneta.
• Lace Walletcore wallet / official integration partnerTechnology or IntegrationInput Output Global's (IOG) modern light wallet platform for managing assets, NFTs, dApps, and DeFi on Cardano. USDM is prominently featured in the Lace token directory with excellent visibility and multichain support.
• Begin Walletcore walletTechnology or IntegrationAll-in-one non-custodial wallet supporting Cardano, Bitcoin, and Solana with fast swaps, NFT support, and seamless DeFi access. Begin heavily promotes USDM and enables direct in-wallet lending via Liqwid for yield generation.
• Eternlcore walletTechnology or IntegrationFeature-rich multi-platform Cardano light wallet that's beginner-friendly yet powerful for professional DeFi users. Eternl is a strong USDM supporter frequently featured in USDM and NBX guides, offering excellent dApp browser and hardware wallet compatibility.
• Vespr (VESPR)core walletTechnology or IntegrationNon-custodial mobile-first Cardano wallet with a built-in DEX aggregator, focused on security and usability. VESPR provides a smooth experience for holding, sending, and using USDM in DeFi on iOS and Android.
• The Flip Appcore consumer appTechnology or IntegrationNon-custodial financial app (powered by NBX) for sending money globally and holding digital dollars like USDM and USDT. Users send and receive USDM on Cardano using just a phone number or wallet address without needing to hold ADA for fees. NBX acquired a 50% stake in the platform.
• ZenGate Globalcore / strategic rwaStrategic or Co-development PartnerDublin-based real-world-asset (RWA) infrastructure company founded in 2022 by ex-Cardano-launch-team and ex-Oliver Wyman alumni. Their flagship Palmyra commodity exchange is built to bring physical commodities (starting with Sri Lankan tea) on-chain to Cardano. USDM serves as the stable settlement currency inside Palmyra.
• Veraliditycore / merchant paymentsStrategic or Co-development PartnerAdobe Magento development agency building blockchain checkout extensions on Cardano. Their P2B (peer-to-business) payment gateway lets traditional e-commerce merchants accept USDM directly at checkout, pitched on a 'pennies vs. 1-3.5% card fees' cost story. USDM is the headline crypto checkout option in the gateway.
• USDM DeFi Coalition (NBX, Wave Financial, Plomin Legacy Fund, Fluid)flagship / strategic coalitionStrategic or Co-development PartnerA coalition co-founded with Wave Financial (and including NBX, Plomin Legacy Fund, and Fluid Token) that supplies USDM liquidity to DeFi protocols on Cardano, supporting USDM's role as the definitive stablecoin of the Cardano ecosystem.

Scale indicators6 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Circle (USDC): Issuer of USDC, the largest US-regulated fiat-backed stablecoin. Competes with USDM for institutional treasury and DeFi liquidity, and currently dominates bridged-Cardano USDCx; Circle's potential direct Cardano issuance is the primary long-term competitive threat to USDM.
• MakerDAO / Sky (DAI / USDS): Decentralized issuer of DAI (now USDS), the largest crypto-collateralized stablecoin. While model differs (over-collateralized vs. fiat-backed), USDS/DAI is integrated across most major chains and competing DeFi ecosystems, and serves as a benchmark for stablecoin utility in DeFi.
• Tether (USDT): Issuer of USDT, the largest stablecoin by circulating supply globally. While not natively issued on Cardano, USDT flows via NBX and bridges compete with USDM for trading and remittance volume in shared distribution channels.

Emerging players

• Frax Finance (FRAX): Issuer of FRAX, a hybrid fractional-algorithmic stablecoin with growing fiat-backed reserves (frxUSD). Comparable as a multi-chain stablecoin issuer pursuing regulatory credibility and DeFi integration depth, though at meaningfully larger scale than USDM.
• Ondo Finance (USDY): Issuer of USDY and USDG, tokenized yield-bearing USD instruments backed by short-duration Treasuries. Comparable on reserve management approach (Money Market Funds, tier-one custody) and RWA positioning; Ondo is also a direct competitor for the institutional/RWA yield use case USDM pursues.

Direct peers

• Paxos (USDP / PayPal USD): Regulated US stablecoin issuer (NYDFS trust, USDP) and the issuer behind PayPal USD (PYUSD). Comparable business model as a fully reserved, regulated fiat-backed token — a direct template for USDM's institutional-grade positioning.
• COTI (DJED stablecoin): Issuer of DJED, the other Cardano-native stablecoin. Coti is USDM's most direct Cardano-native competitor, offering a crypto-collateralized rather than fiat-backed model; the two compete for the same DEX liquidity and DeFi protocol integrations.
• TrueUSD (TUSD): Fiat-backed, US-regulated stablecoin with a similar compliance-first, multi-chain distribution model. Comparable on reserve attestation and tier-one banking partnerships, though TUSD's footprint across chains competes for the same regulated stablecoin positioning.
• Indigo Protocol (iUSD): Cardano-native synthetic asset protocol issuing iUSD, a CDP-issued stablecoin. iUSD competes with USDM for stable-asset liquidity on Cardano DEXs and lending markets, particularly among users preferring over-collateralized vs. fiat-backed models.

Regional players

• StraitsX (XSGD / XUSD): Major Payment Institution-licensed stablecoin issuer based in Singapore, issuing XSGD and XUSD. Comparable as a regional, regulated fiat-backed issuer pursuing multi-jurisdiction licensing (similar to Moneta's US+EU strategy), and a model for non-USDM emerging-market stablecoin distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/USDMOfficial

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Moneta Digital