BlockBeats news, on October 17, CoinDesk reported that Mento Labs, the development team of Mento, a decentralized EVM platform on the Celo network, announced the completion of US$10 million in financing. This round of financing was supported by T-Capital, HashKey Capital, Richard Parsons, Flori Ventures, No Limit Holdings, Verda Ventures and w3.fund. Mento Labs also announced a stablecoin roadmap, planning to add three local digital currencies to its expanding decentralized stablecoin lineup: Philippine Peso (PUSO), Colombian Peso (cCOP) and Ghanaian Cedi (cGHS).
According to the project documentation, the Mento Stability Protocol can be regarded as an over-collateralized, decentralized and transparent stable asset mechanism. The protocol uses crypto reserves to allow users to adjust the supply of Mento stable assets based on changes in demand. Users can exchange between Mento stable assets and reserve collateral assets through the protocol.