Mento deploys its decentralized FX infrastructure on Polygon, launching with USDm/EURm liquidity supported by day-one partner Capa and adding EURØP as a reserve asset for EURm.
Mento Protocol (Mento), the leading decentralized FX infrastructure that processed USD 18.5B in trading volume in 2025, has been deployed on Polygon. The launch brings Mento stablecoin markets to one of crypto’s leading stablecoin ecosystems, starting with the USDm/EURm pool as the first FX trading pair. The EUR/USD pair accounts for ~USD 2T of the USD 9.5T traded daily across global FX markets, making it the single deepest currency pair in the world.
Stablecoin activity remains largely concentrated in USD-denominated assets. This is shifting. Polygon has become one of the leading networks where local-currency stablecoin markets are finding real payment scale, with more than USD 11.1B in lifetime non-USD stablecoin transfer volume and over 43% of non-USD stablecoin transfers across major blockchains.
The deployment of the Mento Protocol adds the FX layer needed to connect those markets on Polygon. The launch enables predictable onchain FX liquidity between USD-denominated and non-USD-denominated stablecoins, expanding Polygon’s stablecoin ecosystem beyond dollar-only liquidity.
“Mento’s mission is to make non-USD stablecoins usable across markets by providing the FX infrastructure that lets them move reliably.” said Bogdan-Radu Dumitru, CEO at Mento Labs. “Polygon is a natural frontier ecosystem for that infrastructure, given the scale of local-currency stablecoin activity already happening on the network and their investment in its growth.”
“Non-USD stablecoins are already moving at scale on Polygon, and FX infrastructure is what lets that activity grow into something payments businesses can actually rely on,” said Marc Boiron, CEO of Polygon Labs. “Mento brings that layer to the ecosystem, connecting the local-currency stablecoin markets we’ve been building toward with the reliable execution those markets need to function. This is exactly the kind of infrastructure the Polygon Open Money Stack is designed to support.”
The Polygon deployment is supported by Capa, a LATAM-focused financial infrastructure provider that powers cross-border FX and payments, as a day-one liquidity partner. Together, Mento and Capa are bringing supported dollar-euro FX liquidity to Polygon from launch, providing access to a more complete stablecoin market structure beyond dollar-only liquidity.
“Non-USD stablecoin markets don’t grow on infrastructure alone, they need deep liquidity. We’re backing the Mento Protocol on Polygon from day one because we believe onchain FX for non-dollar currencies is where real cross-border value moves next.” Jonathan Herrera, Head of Ecosystems at Capa.
Mento Protocol is also adding EURØP as a reserve asset for EURm, a MiCA-regulated euro token from Schuman Financial, bringing regulated euro liquidity onchain.
“The Euro is the world’s second most-used currency, yet EUR-denominated stablecoins represent only around 1% of the stablecoin market. The Mento Protocol is the necessary infrastructure to make that change. Adding EURØP as a reserve asset for EURm brings a MiCA-regulated euro token into onchain FX markets,” said Eduardo Morrison, Chief Business Officer at Schuman Financial.
Mento Protocol’s Fixed Price Market Maker (FPMM) design is built to provide real-world reference rates via trusted price feed oracles, enabling predictable execution across currencies without relying on volatile AMM curves. This model gives applications access to onchain FX markets with features of traditional FX markets: predictable reference-rate pricing and reliable execution, with liquidity that is programmable and composable.
Mento’s stablecoin infrastructure is built for a world where stablecoins are not limited to USD. It offers the FX layer for non-USD stablecoin markets, supporting trading across 15 currencies. With Polygon, Mento continues its cross-chain expansion beyond Celo and Monad.
About Mento
The Mento Protocol is the leading decentralized FX infrastructure for institutions and individuals, enabling developers and institutions to launch, trade, and settle global currencies onchain with institutional-grade reliability. The Mento Protocol provides programmable FX via transparent liquidity and real-world pricing from trusted oracles, supporting use cases such as cross-border payments, treasury operations, and institutional settlement through an expanding set of stablecoins and a transparent, multicurrency platform. Mento Labs is the core development team behind the Mento Protocol, focused on advancing global onchain FX.
About Capa
Capa is a financial infrastructure that connects Latin America to the global financial system through a single API and dashboard. The platform enables seamless cross border payments by handling local pay ins and pay outs, instant conversion between local currencies and stablecoins, and access to deep liquidity, all with full regulatory compliance and cost efficient settlement. www.capa.fi
About Polygon Labs
Polygon Labs is a global blockchain payments company building and operating infrastructure to move money instantly, reliably, and at internet scale, with the mission to move all money onchain. It is building the Polygon Open Money Stack, an open and integrated stack of services and technologies to instantly and reliably move money anywhere, and put it to work. Its infrastructure has facilitated trillions of dollars in onchain value transfer and supported millions of transactions daily for some of the globe’s largest banks, fintechs, enterprises, and consumer applications. To learn more, visit www.polygon.technology
About Schuman Financial
Schuman Financial is a leading euro stablecoin issuer and payments company. We provide the solutions, technologies and infrastructure for rebuilding euro-denominated financial services on-chain. Our core product is EURØP, a euro-denominated stablecoin issued by our French-licensed subsidiary regulated by Banque de France. Thanks to our best-in-class technology platform and EMI license, we are the only company that can offer free and instant cross-border payments anywhere in the world. www.schuman.io
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