Mentor Launches USDm/EURm Trading Pair on Polygon

The decentralized foreign exchange protocol Mentor has launched the USDm/EURm trading pair on the Polygon network. Mentor completed its Polygon deployment on the 27th and opened its first foreign exchange trading pair. It plans to handle transactions worth $18.5 billion by 2025, with Latin American financial firm Kappa participating as a liquidity provider. In the global foreign exchange market, euro/dollar trading accounts for about $2 trillion daily, and Mentor aims to transition this to blockchain-based stablecoin trading. The cumulative transfer amount of non-dollar stablecoins on Polygon has exceeded $11.1 billion, with over 43% of all non-dollar stablecoin transfers occurring on Polygon. Mentor has incorporated the European regulated asset EURØP as a reserve asset. Mentor uses a fixed-price market-making approach to achieve predictable exchange rate settlements and currently supports 15 currencies. In the future, it will verify initial liquidity depth and trading sustainability through on-chain indicators.

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