CADm, issued by the Mento Protocol smart contracts under the governance of MENTO tokenholders, is a tokenized stablecoin that tracks the value of the Canadian dollar and is stabilized by an onchain reserve of digital assets held by the protocol.

Holders of CADm receive a digital token referencing the Canadian dollar (CAD) on a one-to-one basis, with value stabilization provided by the Mento Reserve, a portfolio comprising Bitcoin (BTC), Ether (ETH), Celo (CELO), Dai (DAI), USD Coin (USDC), cMCO2, and other digital assets. The token accrues no interest or yield to holders, and economic exposure is to the referenced CAD value rather than to any income stream from the reserve assets.

CADm operates through the Mento Protocol, a set of onchain smart contracts governed collectively by MENTO tokenholders rather than issued by a single corporate entity. The holder's claim is a transferable onchain token referencing the Canadian dollar, supported by the Mento Reserve portfolio of digital assets administered through the protocol's stabilization mechanism. Tokens are obtainable and redeemable by exchanging supported digital assets against the reserve through the protocol's onchain minting and burning functions, available to participants able to transact with the contracts, with stabilization enforced by reserve collateralization rather than a custodial deposit arrangement.

CADm is an onchain stablecoin issued by the Mento Protocol smart contracts and stabilized against the Canadian dollar through reserve-backed minting and burning. New units are minted when supported assets are deposited and burned when redeemed, settling onchain at transaction finality, with valuation enforced by the protocol's onchain stabilization mechanism referencing the Mento Reserve.

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# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique addresses holding a non-zero balance of the asset.

Asset holders

Stablecoins

Mento maintains the exchange mechanism on Celo that issues local-currency stablecoins (cUSD, cEUR, cBRL, cKES) backed by a diversified on-chain reserve, earning revenue through trading spreads on minting and redemption.

Mento Labs builds multi-currency stablecoin infrastructure for the Celo ecosystem, issuing cUSD, cEUR, cREAL, and cKES with a decentralized FX trading platform.

Mento Labs is a team of economists and engineers spun out of the core Celo development team, led by CEO Markus Franke.

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Stablecoin issuers

Mento Labs

Mento Canadian Dollar (CADm) is a Canadian Dollar stablecoin issued by Mento Labs.

CADm has been issued on Celo as an ERC-20 token since April 2025.

Mento Canadian DollarCADm