tl;dr:
- Mento Protocol launches on Polygon Chain with a USDm/EURm liquidity pool, its first FX trading pair on the network.
- Capa joins as a day-one liquidity partner, and Schuman Financial's EURØP joins as a reserve asset for EURm, a MiCA-regulated euro token.
- Polygon has become a leading network where local-currency stablecoin markets are finding real payment scale: Polygon already carries USD 11.1B+ in lifetime non-USD stablecoin transfer volume and 43%+ of non-USD stablecoin transfers across major chains; Mento adds the FX layer to put that liquidity to work
- Powered by the default rails already moving trillions in stablecoin payments on the Polygon Open Money Stack
Most people around the world don't spend, save, or get paid in dollars. They do it in pesos, rupees, euros, naira, whatever currency their economy actually runs on. Stablecoins made it possible to move dollars onchain, but real economies run on more than one currency, and there hasn't been a reliable way to exchange between them onchain the way markets already do offchain. FX layers close that gap.
Mento Protocol, a leading decentralized FX infrastructure, has launched on Polygon Chain, starting with a USDm/EURm liquidity pool backed by Capa as a day-one liquidity partner, and adding Schuman Financial's EURØP as a reserve asset for EURm. The initial pair, EUR/USD, is the single deepest currency pair in the world, already accounting for roughly $2T USD of the $9.5T USD traded daily across global FX markets.
"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."
Capa is the liquidity behind the dollar-euro side of that pair from day one. The LATAM-focused financial infrastructure provider already powers stablecoin cross-border FX and payments for its own customers, which is exactly the kind of deep liquidity a new FX market needs to actually work.
"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.
On the euro side, Schuman Financial's EURØP is joining as a reserve asset for EURm. It's a MiCA-regulated euro token, so the euro liquidity backing this pair comes with real regulatory footing behind it, not just a peg.
"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.
The pricing underneath all of this is what Mento calls a Fixed Price Market Maker. Instead of the volatile AMM curves most onchain trading runs on, it references real-world FX rates through trusted price feed oracles, so execution stays predictable, closer to how currency exchange actually works offchain, with liquidity that stays programmable and composable onchain.
Liquidity is live now
The USDm/EURm pool is live on Polygon now, through Mento's app.
If you are a fintech, payment company, or treasury team evaluating onchain FX infrastructure, learn more at polygon.technology or reach out to our team directly.
The world runs on more than one currency. Polygon is the settlement layer built to move all of them.
.webp)
.png)
