---
title: "Mento Dollar (USDm) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/cusd-celo/"
description: "Build-time stablecoin profile for Mento Dollar (USDm). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Mento Dollar (USDm)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

USDm is Mento's oracle-priced USD stablecoin on Celo, mostly backed by other stablecoins with a CELO wildcard. Mento Dollar (USDm, formerly cUSD) is an exercise in recursive stablecoin nesting: the reserve leans on sUSDS (~44%), with USDC, USDT, and EURC slices on top, meaning the majority of USDm's backing is itself backed by other stablecoins, each with its own dependency chain and failure modes. A long tail of mostly minor depeg events and a worst drawdown past 11% are hard numbers to look past, though the C report card and a DEWS reading that rarely leaves the calm end of the stress scale suggest the Mento AMM's circuit breakers have tightened since the worst of it. The thesis remains phone-number wallets in places like Nairobi, not DeFi composability on Ethereum. The ~14% CELO allocation is the wildcard in an otherwise stablecoin-heavy reserve: the one asset that can crater in a downturn precisely when the {{term:overcollateralization}}overcollateralization{{/term}} ratio matters most, and the reserve only runs around 1.25x. {{term:redemption}}Redemption{{/term}} runs through Mento reserve swaps rather than fiat off-ramps.

## Collateral

Mento reserve holding sUSDS (~44%), CELO (~14%), USDC (~13%), USDT (~10%), EURC (~10%), plus smaller positions in axlEUROC, stETH, axlUSDC, and AUSD; overcollateralized at ~1.25×

## Peg Mechanism

Mento V3 reserve-backed model: users mint and redeem USDm against reserve assets through Mento rails, with oracle pricing, circuit breakers, and reserve governance replacing the old CDP framing.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| celo | `0x765de816845861e75a25fca122bb6898b8b1282a` | 18 |
| near | `cusd.token.a11bd.near` | 24 |
| monad | `0xbc69212b8e4d445b2307c9d32dd68e2a4df00115` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/cusd-celo.