The Celo ecosystem's EVM platform development team, Mento Labs, has completed a $10 million financing round and plans to launch the Philippine Peso stablecoin PUSO, the Colombian Peso stablecoin cCOP, and the Ghanaian Cedi stablecoin cGHS.

Odaily Planet Daily reports that Mento Labs, the development team behind the decentralized EVM platform Mento on the Celo network, has announced the completion of a $10 million funding round, with participation from T-Capital, HashKey Capital, Richard Parsons, Flori Ventures, No Limit Holdings, Verda Ventures, and w3.fund.

Mento Labs also unveiled its stablecoin roadmap, planning to launch the Philippine peso stablecoin PUSO, the Colombian peso stablecoin cCOP, and the Ghanaian cedi stablecoin cGHS.

According to project documentation, the Mento stability protocol can be viewed as an over-collateralized, decentralized, and transparent stable asset mechanism. This protocol utilizes crypto reserves, allowing users to adjust the supply of Mento stable assets based on changing demand. Users can exchange between Mento stable assets and reserve collateral assets. (CoinDesk)

Celo ecosystem EVM platform Mento Labs has completed a $10 million financing round and plans to launch multiple stablecoins.