Mento Philippine Peso
Stablecoin Profile
Mento Philippine Peso (PHPm) is a crypto-collateralised stablecoin: users mint PHPm by locking other crypto assets as over-collateral, with $0 currently in circulation across 1 blockchain networks. The PHP peg is maintained through liquidation auctions when collateral value falls below required thresholds. Price feed sourced via defillama.
About Mento Philippine Peso (PHPm)
PHPm is a PHP-pegged synthetic stablecoin on Celo, part of the Mento Protocol. It is minted via Liquity v2-style CDPs: users deposit USDm as collateral and borrow PHPm against it.
PHPm is minted by depositing collateral into a Mento CDP (trove) and borrowing PHPm against it. Repaying the borrowed PHPm closes or reduces the trove and releases the USDm collateral.
Supply History
Peg stability history
As a crypto-collateralised stablecoin, Mento Philippine Peso (PHPm) maintains its 1.00 PHP target by holding excess on-chain collateral and routing redemptions through automated liquidation auctions. Spot price is currently $0.0168 (-98.324%); short-term excursions of this magnitude are typically arbitraged away within hours via the protocol's open mint/redeem mechanics.
How crypto-collateralised stablecoins defend their peg
Crypto-collateralised stablecoins like this one over-collateralise positions — borrowers must lock more than $1.00 of crypto for each $1.00 of stablecoin minted. If collateral value falls below the required ratio, the position is automatically liquidated in an open Dutch auction. Arbitrageurs can always mint and redeem against the protocol's contracts, which keeps the secondary-market price tightly bounded around $1.00. The main residual risks are sudden crypto-collateral crashes that outpace the liquidation engine, and oracle failure.
Practical implications for holders
- Collateral volatility is the dominant risk: a fast drawdown in the collateral asset can outpace liquidation auctions and leave the protocol under-collateralised.
- Oracle risk: the protocol relies on price feeds (typically Chainlink or a multi-oracle setup). Oracle manipulation or delay during volatile markets has historically caused peg excursions.
- Governance risk: parameter changes (collateral types, liquidation ratios, debt ceilings) are decided by token-holder votes. Sudden governance attacks remain a tail risk.
- On-chain transparency is a major advantage — collateral is verifiable 24/7 without trusting an attestor.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (crypto-collateralised) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
Mento Philippine Peso (PHPm) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0x105d4a9306d2e55a71d2eb95b81553ae1dc20d7b | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare Mento Philippine Peso to other crypto-collateralised stablecoins
Below are the largest crypto-collateralised stablecoins tracked on Mantapex alongside Mento Philippine Peso (PHPm). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Sky Dollar (USDS) | $8.4B | crypto-backed | 6 |
| Ethena USDe (USDe) | $5.9B | crypto-backed | 23 |
| Dai (DAI) | $4.6B | crypto-backed | 48 |
| Falcon USD (USDf) | $1.6B | crypto-backed | 2 |
| USDD (USDD) | $1.1B | crypto-backed | 4 |
Across mechanism classes
If you're researching PHPm as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
Mento Philippine Peso (PHPm) is tracked across major crypto data providers. The links below open Mento Philippine Peso (PHPm)'s pages on CoinGecko and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Related stablecoins
Stablecoins comparable to Mento Philippine Peso by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other crypto-backed stablecoins
Stablecoins pegged to PHP
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.