NGNm, issued by the Mento Protocol smart contracts under the governance of protocol tokenholders, is a tokenized stablecoin that references the value of the Nigerian Naira (NGN) and is stabilized by an onchain reserve of digital assets.

Holders of NGNm receive a digital token referencing the Nigerian Naira (NGN), the specific underlying instrument this token tracks. The token is described as an algorithmic stablecoin whose value is supported by the Mento Reserve, a portfolio comprising Bitcoin (BTC), Ether (ETH), Celo (CELO), Dai (DAI), USD Coin (USDC), the carbon credit token cMCO2, and other digital assets. Stabilization operates through this reserve rather than through a single custodial cash account.

The token is described as an algorithmic stablecoin from Mento Labs, operating under the governance of protocol tokenholders rather than being issued by a single corporate entity. The economic claim is a reference to the Nigerian Naira (NGN) maintained through the onchain Mento Reserve, a portfolio of digital assets including Bitcoin (BTC), Ether (ETH), Celo (CELO), Dai (DAI), USD Coin (USDC), and cMCO2. Because no single corporate issuer stands behind the token, the holder's claim runs to the protocol's onchain reserve mechanism, which adjusts to support the reference value of the Nigerian Naira (NGN).

NGNm is a digital token issued onchain and stabilized algorithmically against the Nigerian Naira (NGN) through the Mento Reserve. The reserve holds a portfolio of digital assets, including Bitcoin (BTC), Ether (ETH), Celo (CELO), Dai (DAI), USD Coin (USDC), and the carbon credit token cMCO2, that support the token's reference value through onchain stabilization logic.

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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 Nigerian Naira (NGNm) is a Nigerian Naira stablecoin issued by Mento Labs.

NGNm has been issued on Celo as an ERC-20 token since May 2025.

Mento Nigerian NairaNGNm

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