Mento Deploys FX Protocol on Polygon With USDm/EURm as First Market

Launch on Polygon

The Polygon deployment marks Mento’s latest cross-chain expansion beyond Celo and Monad. According to the company, its protocol processed $18.5 billion in trading volume in 2025. On Polygon, the first market to go live is the USDm/EURm pair, giving the network a new onchain route between dollar- and euro-denominated stablecoins.

Mento said the move is intended to add an FX layer to Polygon’s stablecoin ecosystem, allowing more predictable exchange between USD and non-USD assets. The company argues this is a missing piece for networks where local-currency stablecoins are already seeing usage but where liquidity has often remained centered on dollar-based markets.

Why the EUR/USD pair matters

The initial focus on USD and EUR reflects the size of that market in traditional finance. Mento said the euro-dollar pair represents about $2 trillion of the $9.5 trillion traded daily in global foreign exchange markets, making it the deepest currency pair worldwide.

At the same time, stablecoin activity across crypto has remained concentrated in dollar-denominated assets. Mento and Polygon pointed to signs of change on Polygon specifically, where lifetime non-USD stablecoin transfer volume has exceeded $11.1 billion. They also said Polygon accounts for more than 43% of non-USD stablecoin transfers across major blockchains.

The companies framed the new deployment as infrastructure aimed at linking those markets more directly, rather than leaving non-USD stablecoins isolated from one another or dependent on dollar-only liquidity.

Liquidity support and reserve changes

The launch is backed by Capa, a Latin America-focused financial infrastructure provider involved in cross-border FX and payments, which is serving as a day-one liquidity partner. Mento said that support brings dollar-euro FX liquidity to Polygon from the outset.

Alongside the launch, Mento is adding EURØP as a reserve asset for EURm. EURØP is described as a MiCA-regulated euro token issued by Schuman Financial. Mento said the addition is meant to bring regulated euro liquidity into onchain FX markets and strengthen the euro side of its stablecoin infrastructure.

Schuman Financial linked the move to the relatively small footprint of euro stablecoins today, saying EUR-denominated stablecoins account for only about 1% of the broader stablecoin market despite the euro’s role as the world’s second most-used currency.

How Mento says the system works

Mento’s protocol uses what it calls a Fixed Price Market Maker design. Rather than relying on the price movements associated with conventional automated market maker curves, the model is built around trusted oracle price feeds to reflect real-world reference rates. The stated goal is to offer more predictable execution for currency trades onchain.

The company said its broader stablecoin infrastructure supports trading across 15 currencies and is designed for a market where stablecoin usage extends beyond the US dollar. With the Polygon launch, Mento is positioning its FX layer as a tool for connecting those currency markets in a programmable, onchain format.

The rollout adds to a wider push to build stablecoin infrastructure around local-currency use cases rather than only dollar liquidity. In this case, Mento and its partners are betting that deeper euro-linked liquidity and dedicated FX rails can help expand the utility of non-USD stablecoins on Polygon.