Mento Euro (EURm) is an algorithmic euro stablecoin. It has about $1.8M in circulation, ranking #187 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
What is EURm?
Mento Euro (EURm) is an algorithmic euro stablecoin. It has about $1.8M in circulation, ranking #187 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
In the issuer's words: Mento Euros (EURm) are stablecoins that follow the Euro and are native to the Celo blockchain's Reserve system. The Mento Reserve is a system of smart contracts that uses a portfolio of cryptocurrencies to expand and contract the supply cEUR, similar to MakerDAO's lending protocol.
EURm supply history
EURm supply grew 7.1% over the past 30 days, to $1.8M. Its peak was $48.6M in November 2021, and supply is 96% below that high.
Is EURm holding its peg?
EURm is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where EURm lives: supply by blockchain
Supply is concentrated: Celo holds 99% of all EURm. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How EURm is backed
EURm 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: Using the Mento app, 1 Euro worth of CELO can be sent to the CELO reserve to mint 1 cEUR, and 1 cEUR can be burned to receive 1 Euro worth of CELO.
Reserve reports and audits: docs.mento.org
EURm risks
With little hard collateral, falling confidence can feed on itself, the pattern that destroyed TerraUSD in 2022.
With $1.8M 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.
EURm vs USDT and USDC
EURm FAQ
What is EURm?
Mento Euro (EURm) is an algorithmic euro stablecoin. It has about $1.8M in circulation, ranking #187 among the stablecoins CoinScoop tracks, and runs on 4 blockchains.
Is EURm pegged 1:1 to the euro?
EURm targets 1 EUR. At the last update it traded at €0.9980, a deviation of -0.20%, which we classify as "on peg".
What backs EURm?
EURm is an algorithmic stablecoin. EURm 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 EURm on?
EURm is live on 4 blockchains. The largest by supply are Celo ($1.6M), Solana ($9K), Polygon ($48).
How much EURm is in circulation?
About $1.8M of EURm was in circulation at the last update, +7.1% over 30 days. That makes it the #187 stablecoin by supply among those we track.
Is EURm safe?
No stablecoin is risk-free. As a algorithmic design, EURm'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.