Mento Dollar (USDm) is an algorithmic US dollar stablecoin. It has about $13.6M in circulation, ranking #119 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
What is USDm?
Mento Dollar (USDm) is an algorithmic US dollar stablecoin. It has about $13.6M in circulation, ranking #119 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
In the issuer's words: Mento Dollars (USDm) are stablecoins that follow the US Dollar and are backed by Mento's Reserve system. The Mento Reserve is diversified portfolio of crypto assets.
USDm supply history
USDm supply fell 18.7% over the past 30 days, to $13.6M. Its peak was $124M in November 2021, and supply is 89% below that high.
Is USDm holding its peg?
USDm is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDm lives: supply by blockchain
Supply is concentrated: Celo holds 99% of all USDm. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDm is backed
USDm relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Minting and redemption: USDm is backed by fiat-backed stablecoins held in the Mento Reserve. Minting and redemption occur through oracle-priced Fixed-Price Market Maker (FPMM) pools.
Reserve reports and audits: docs.mento.org
USDm risks
With little hard collateral, falling confidence can feed on itself, the pattern that destroyed TerraUSD in 2022.
With $13.6M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDm vs USDT and USDC
Similar algorithmic stablecoins
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USDm FAQ
What is USDm?
Mento Dollar (USDm) is an algorithmic US dollar stablecoin. It has about $13.6M in circulation, ranking #119 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
Is USDm pegged 1:1 to the US dollar?
USDm targets 1 USD. At the last update it traded at $1.0007, a deviation of +0.07%, which we classify as "on peg".
What backs USDm?
USDm is an algorithmic stablecoin. USDm relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Which blockchains is USDm on?
USDm is live on 3 blockchains. The largest by supply are Celo ($13.4M), Ethereum ($160K), Solana ($28K).
How much USDm is in circulation?
About $13.6M of USDm was in circulation at the last update, -18.7% over 30 days. That makes it the #119 stablecoin by supply among those we track.
Is USDm safe?
No stablecoin is risk-free. As a algorithmic design, USDm's main risks are a self-reinforcing loss of confidence (the "death spiral" that broke TerraUSD in 2022), thin or absent collateral, and smart-contract bugs. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.