Mento West African CFA Franc(XOFm)

Stablecoin information

XOFm is a XOF-pegged synthetic stablecoin on Celo, part of the Mento Protocol. It is minted via Liquity v2-style CDPs: users deposit USDm as collateral and borrow XOFm against it.

Category:crypto-backed

Minting and Redemption

XOFm is minted by depositing collateral into a Mento CDP (trove) and borrowing XOFm against it. Repaying the borrowed XOFm closes or reduces the trove and releases the USDm collateral.

Audits:Yes