Mento Dollar

The stablecoin once known as Celo Dollar, or cUSD, now goes by Mento Dollar, reflecting a shift from a single chain to a broader onchain foreign-exchange network. It is minted and redeemed through the Mento protocol, a decentralized system governed by MENTO token holders, and is not backed by fiat in a bank but by a diversified basket of crypto assets held in the Mento Reserve, with an automated market maker expanding or contracting supply to defend the one-dollar peg. There is no company redemption counter - holders swap in and out against the reserve and open markets onchain. Long a workhorse of Celo's mobile-first payments, USDm now travels beyond Celo to chains including Ethereum and Solana through Wormhole's transfer standard, sitting alongside Mento's growing family of local-currency stablecoins like cEUR and cKES.