PHPm, issued by the Mento Protocol smart contracts under the governance of protocol tokenholders, is a stablecoin that references the value of the Philippine Peso (PHP) and circulates as an onchain digital token for holders seeking peso-denominated value.

Holders receive a token referencing the Philippine Peso (PHP) on a one-to-one basis, with value stabilization provided by the Mento Reserve, a portfolio described as comprising Bitcoin (BTC), Ether (ETH), CELO, Dai (DAI), USD Coin (USDC), cMCO2, and other digital assets. The token accrues no interest or yield to holders, and value tracking depends on the algorithmic stabilization mechanism and reserve collateral rather than a fixed cash deposit.

PHPm is an algorithmic stablecoin issued by Mento Protocol smart contracts rather than by a single corporate entity, and it is not the obligation of any identified company. Stabilization relies on the onchain Mento Reserve, which holds a portfolio of digital assets serving as collateral for the protocol's stablecoins rather than a segregated fiat custody account. The holder's claim is a protocol-native token redeemable against reserve assets through the protocol's stabilization and exchange mechanism. Specific eligibility gates, offering restrictions, redemption minimums, and protective security interests for tokenholders are governed at the protocol level and administered onchain.

PHPm is issued onchain as a protocol-native token on supported public networks, with minting and redemption executed through the Mento Protocol's onchain stabilization and exchange mechanism against reserve collateral. Settlement occurs onchain at network confirmation, and the stabilization mechanism adjusts supply algorithmically to maintain the reference to the Philippine Peso.

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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 Philippine Peso (PHPm) is a Philippine Peso stablecoin issued by Mento Labs.

Holders can mint and redeem directly with Mento Labs.

PHPm has been issued on Celo as an ERC-20 token since September 2024.

Mento Philippine PesoPHPm

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