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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# 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.

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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