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.

<Sources
  retrievedAt="2026-06-22"
  items={[

  ]}
/>


# Outstanding supply Methodology

## Overview

Outstanding supply measures the circulating supply of stablecoins issued by a project. It excludes stablecoins that have been authorized but not issued, or that are held in the issuer’s treasury. It tends to serve as a proxy for the issuer’s revenue-generation capacity, as the collateral backing the outstanding supply is often invested in yield-bearing assets, such as U.S. Treasuries.

## Data sources

- Smart contract events capturing token issuance and redemption
- Token account balances and program instructions for non-EVM chains
- Token metadata for decimal precision and asset identification
- Token price feeds for USD conversion

## Common calculation approaches

### Event-based issuance tracking
For many stablecoin issuers, cumulative supply is determined by monitoring token issuance and redemption events. `Mint` and `Burn` events are extracted from the smart contracts of issuers such as Circle and Ethena to maintain a running total of net supply. Similar logic is applied to `Transfer` events involving the zero address for issuers like World Liberty Financial to identify changes in the circulating supply.

### Balance-based snapshot aggregation
Outstanding supply is also derived from daily snapshots of token holdings across various blockchains. On Solana, the total supply is aggregated from program instructions for issuers like Tether and Circle by summing the balances of all active token accounts. This method allows for the identification of circulating tokens while ensuring that assets held in known treasury or non-circulating addresses are excluded.

### Debt-based calculation with exclusions
For issuers with debt-based models, outstanding supply is calculated by identifying total minted debt and subtracting idle balances. For example, total debt is obtained from the `debt` function in `VAT` contracts for Sky, with assets held in bridge contracts or lending modules subsequently excluded to arrive at the net circulating amount.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

Circulating supply of stablecoins issued by the project.

Outstanding supply

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.

website

twitter

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