To use USDM™, or any Cardano DeFi protocol, you need a self-custodial wallet. This means you hold the private keys, not an exchange. This guide walks you through setup in under 10 minutes.
Choosing a Wallet
Three wallets dominate Cardano DeFi. All three support USDM.
| Wallet | Best For | Platform |
|---|---|---|
| Eternl | Power users, multi-wallet | Browser extension + mobile |
| Lace | Beginners, clean UI | Browser extension |
| Vespr | Mobile-first | iOS + Android |
We'll use Lace for this guide. It's the cleanest experience for new users.
Step 1: Install the Extension
- Go to lace.io and click Download Lace
- Select your browser (Chrome, Brave, or Edge recommended)
- Click Add to Chrome and confirm the installation
- The Lace icon will appear in your browser toolbar
Step 2: Create Your Wallet
- Click the Lace icon in your toolbar
- Select Create a new wallet
- Choose a wallet name (this is local only, just for your reference)
- Create a strong spending password. You'll need this to authorize transactions
- Click Next
Step 3: Back Up Your Seed Phrase
This is the most important step. Lace will show you a 24-word seed phrase.
Critical rules:
- Write these words on paper in order. Never type them into a device.
- Never take a photo or screenshot of your seed phrase.
- Never share them with anyone, not even Moneta support.
- Store them somewhere physically secure (fireproof safe, locked drawer).
Your seed phrase is the master key to your wallet. Anyone with it can access all your funds. Without it, there is no account recovery.
Confirm you've written the words by re-entering them in the app, then click Confirm.
Step 4: Fund Your Wallet
You need two things to interact with Cardano DeFi:
- ADA: Cardano's native currency, needed to pay transaction fees (a few ADA per transaction)
- USDM: the stablecoin you're minting or receiving
To get ADA:
- Copy your wallet address (click the Receive tab in Lace)
- Purchase ADA on an exchange like Coinbase or Kraken
- Withdraw ADA to your wallet address
Keep at least 5 ADA in your wallet as a buffer for transaction fees.
Step 5: Connect to Moneta
Once your wallet is funded:
- Go to moneta.global/getting-started
- Click Connect Wallet
- Select Lace from the wallet list
- Approve the connection in the Lace popup
You're now ready to mint USDM. See our minting guide for the next steps.
Security Tips
- Never share your seed phrase. No legitimate service will ever ask for it.
- Verify URLs. Bookmark moneta.global. Phishing sites mimic legitimate DeFi frontends.
- Start small. Mint a small amount first to confirm everything works before committing larger sums.
- Use hardware wallets for large holdings. Ledger supports Cardano natively and pairs with most wallet software.
Frequently Asked Questions
Can I use multiple wallets? Yes. Advanced users often keep a hot wallet (small amounts, daily use) and a cold hardware wallet (large savings). Eternl makes this easy to manage.
What if I lose my phone or computer? As long as you have your seed phrase, you can restore your wallet on any device using any compatible Cardano wallet app.
Are there fees to set up a wallet? No. The wallet software is free. You pay small ADA fees only when you make transactions on-chain.