Mento Dollar
稳定币概况
Mento Dollar（USDm）是一种算法型稳定币——其 USD 锚定由链上协议机制维持，而非链下储备。目前共有 US$1603.2万 流通在 5 条区块链网络上。该机制根据市场价格相对目标锚定的偏离来调整供应量（铸造与销毁）。
关于 Mento Dollar (USDm)
Mento Dollars (USDm) are stablecoins that follow the US Dollar and are backed by Mento's Reserve system. The Mento Reserve is diversified portfolio of crypto assets.
USDm is backed by fiat-backed stablecoins held in the Mento Reserve. Minting and redemption occur through oracle-priced Fixed-Price Market Maker (FPMM) pools.
发行方与证明
Mento Dollar (USDm) is issued by Mountain Protocol, operating under Bermuda (Bermuda Monetary Authority Digital Asset Business licence). Originally launched in 2023.
储备构成
Yield-bearing stablecoin backed by short-duration US Treasuries. Daily rebases pass the yield directly to holders.
储备证明报告
发行方信息汇编自公开披露、NYDFS / BMA 监管申报文件以及第一手证明报告。做决策前请始终直接向发行方核实。
近期供应活动
Mento Dollar (USDm) supply expanded by US$20.4万 (+1.29%) in the last 24 hours, expanded by US$132.8万 (+9.03%) over the past week, and expanded by US$101.9万 (+6.79%) over the past 30 days.
Expansion phase: minting activity has outpaced redemptions, with circulating supply growing 6.79% over the past month.
供应量历史
Network distribution
Mento Dollar circulates across 5 blockchain networks. Celo hosts the largest share at 91.15%, followed by Monad at 7.68%. Cross-chain distribution has remained broadly stable over the past 30 days.
| 链 | 供应量 | 份额 | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Celo | US$1461.3万 | 91.15% | +2.03% | -1.43% |
| Monad | US$123.1万 | 7.68% | -6.65% | 0.00% |
| Ethereum | US$16万 | 1.00% | 0.00% | 0.00% |
| Solana | US$2.8万 | 0.18% | 0.00% | -0.00% |
| Kaia | US$5.5 | 0.00% | 0.00% | 0.00% |
锚定稳定性历史
Mento Dollar (USDm) relies on protocol-level supply rebalancing rather than direct asset redemption to defend its 1.00 USD peg. The spot price is currently $1.0000 (+0.001% deviation). Algorithmic designs carry materially higher peg-failure risk than reserve-backed stablecoins — the May 2022 Terra/UST collapse remains the canonical reference case.
algorithmic 稳定币如何维护其锚定
Algorithmic stablecoins attempt to balance supply and demand through protocol-level mint/burn incentives — typically against a paired governance or seigniorage token. When the price drops below $1.00, the protocol burns supply (often by letting holders swap into a discounted asset); when it rises above $1.00, the protocol mints new tokens. This design only holds when the paired asset retains independent demand. If the market loses faith in the paired asset, the feedback loop reverses and produces a hyperinflationary "death spiral" — the failure mode that wiped out roughly $60B in the Terra/UST collapse.
对持有者的实际影响
- Peg-failure tail risk is materially higher than reserve-backed designs. Position sizing should reflect this — algorithmic stablecoins are not a "cash equivalent" for risk-management purposes.
- Read the latest collateralisation ratio carefully: many "algorithmic" stablecoins have since migrated to partial or full collateralisation. The label can lag the actual mechanism.
- Reflexive feedback loops mean small redemption pressure can cascade. Exit liquidity should be assessed during normal conditions, not after stress begins.
- 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 (algorithmic) 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.
合约地址
Mento Dollar (USDm) 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.
| 链 | 合约地址 | 验证 |
|---|---|---|
| Ethereum | 0x765de816845861e75a25fca122bb6898b8b1282a | 区块浏览器 |
合约地址来自 DeFiLlama 的稳定币资料。某些链（Tron、Solana、Aptos、Sui）使用非 EVM 地址格式。"区块浏览器"链接将打开相应链的官方区块浏览器；我们不会链接到可能显示已篡改数据的第三方浏览器。
将 Mento Dollar 与其他 algorithmic 稳定币比较
Below are the largest algorithmic stablecoins tracked on Mantapex alongside Mento Dollar (USDm). 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.
| 稳定币 | 供应量 | 机制 | 链 |
|---|---|---|---|
| Frax (FRAX) | US$2.1亿 | algorithmic | 22 |
| Bean (BEAN) | US$3339.1万 | algorithmic | 1 |
| Neutrino USD (USDN) | US$3114.3万 | algorithmic | 4 |
| SpiceUSD (USDS) | US$1804.6万 | algorithmic | 4 |
| Alchemix USD (ALUSD) | US$1370.4万 | algorithmic | 4 |
跨机制类别
If you're researching USDm 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.
锚定稳定性
链上分布
资源与数据来源
Mento Dollar (USDm) is tracked across major crypto data providers. The links below open Mento Dollar (USDm)'s pages on CoinGecko, CoinMarketCap 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.
Mento Dollar 最新动态
Latest reporting from major crypto news outlets covering Mento Dollar.
- Crypto Briefing
MegaETH concludes Terminal program early, rewards users in USDM and merges features with Rabbithole
MegaETH's strategic consolidation enhances user experience and streamlines ecosystem engagement, potentially boosting application quality and adoption. MegaETH concludes Terminal…
- Cryptopolitan
MegaETH launchs a token buyback program funded by yield from the USDm stablecoin
MegaETH Foundation shared on X on May 7 that it had completed its first token buyback, using all net rewards accrued from the USDm stablecoin issuer through the end of April.
- Blockonomi
MegaETH Initiates Token Repurchase Program Powered by USDm Stablecoin Yield
MegaETH has unveiled its token repurchase initiative following substantial selling pressure after the MEGA token's initial launch. The protocol's foundation financed the inaugural…
- Blockonomi
MegaETH Foundation Completes First MEGA Buyback Using USDm Rewards
MegaETH recycles USDm issuer rewards into MEGA buybacks, keeping value locked within its own ecosystem.
- Crypto news
MegaETH launches MEGA buyback funded by USDm stablecoin revenue
MegaETH has activated a MEGA token buyback program funded entirely by net revenue from its USDm stablecoin, turning Treasury‑backed yield into a standing bid for its “real‑time…
- Coincu
OKX Announces Delisting of Selected USDⓈ-M Perpetual Contracts
OKX will delist five USDⓈ-M perpetual futures contracts on June 12, 2025, giving traders less than 48 hours to close positions or face automatic settlement at index-average prices.
- Coincu
Binance to Adjust Minimum Price Increments for USDⓈ-M Perpetual Contracts in April
Binance announced it will adjust the minimum price increments for multiple USDⓈ-M perpetual contracts in April, a contract specification change that could affect order placement…
- The Block
MegaETH Foundation to use USDM stablecoin revenue to fund MEGA token buybacks
The MegaETH Foundation will use revenue earned from the protocol's native stablecoin USDM to accumulate MEGA tokens.
相关稳定币
Stablecoins comparable to Mento Dollar by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
其他 algorithmic 稳定币
锚定 USD 的稳定币
风险提示
稳定币存在脱锚、监管变化和交易对手风险等风险。请务必分散投资并做好自主研究。