Ethereum News Today: Mento and Wormhole Partner to Expand Cross-Chain FX Infrastructure Across 40+ Blockchains

Mento has announced a strategic partnership with Wormhole, the leading interoperability platform, to enhance its cross-chain foreign exchange (FX) infrastructure. This collaboration aims to expand Mento’s onchain FX capabilities beyond its current Celo-based operations, enabling real-time, decentralized currency exchange across multiple blockchains [1]. By integrating Wormhole’s Native Token Transfers (NTT) standard, Mento will facilitate the movement of its 15+ stablecoins—including cUSD, cEUR, and cKES—across 40+ blockchain networks, including Solana, Ethereum, and Aptos. The integration is expected to unlock institutional-scale access to global FX liquidity, addressing inefficiencies in traditional systems such as slow settlement times, weekend closures, and reliance on intermediaries [1].

Mento’s origins trace back to its role as the stability protocol for Celo’s decentralized stablecoins. In 2022, it transitioned into an independent project to broaden its mission of providing accessible local currency stablecoins for emerging and developed markets [1]. As Celo evolves into an Ethereum Layer 2 solution, Mento has emerged as a key FX infrastructure within the EVM (Ethereum Virtual Machine) ecosystem. This partnership with Wormhole marks a pivotal step in scaling its vision to create a decentralized, 24/7 FX market that operates without intermediaries.

The collaboration leverages Wormhole’s proven infrastructure, which has processed over $60 billion in cross-chain transactions and supports 200+ applications [1]. By integrating Wormhole’s NTT standard, Mento can enable cross-chain FX trading between 17+ stablecoins, including USDT and USDC, with real-time price execution. This also allows for the movement of multi-currency stablecoins via native issuance and redemption mechanisms, supported by Fixed Price Market Makers (FPMMs). These features are designed to serve use cases such as cross-border payments, remittances, and treasury operations, offering flexible and real-world pricing [1].

For institutional and retail users, the integration introduces a programmable FX layer that operates globally and continuously. Unlike traditional systems, Mento’s decentralized model eliminates intermediaries, enabling instant settlement and reducing reliance on legacy infrastructure. This shift aligns with Mento’s focus on emerging markets, where stablecoins play a critical role in payments, microloans, and savings. The platform’s expansion to multiple chains via Wormhole positions it to serve a broader user base while maintaining transparency and scalability [1].

Executives from both companies emphasized the transformative potential of this integration. Robinson Burkey, Co-Founder of Wormhole Foundation, highlighted the need to modernize the $7.5 trillion daily FX market, which remains constrained by outdated systems. “This integration begins the process of moving FX onchain, making it faster, more accessible, and more interoperable across blockchain ecosystems,” he stated [1]. Markus Franke, CEO of Mento Labs, noted that the partnership enables real-time cross-chain currency exchange with “instant finality and zero reliance on legacy infrastructure,” reinforcing Mento’s ambition to become a leading FX infrastructure for borderless finance [1].

The collaboration underscores growing demand for interoperable solutions as stablecoin adoption expands. By combining Mento’s expertise in stablecoin issuance with Wormhole’s cross-chain capabilities, the partnership aims to address inefficiencies in the traditional FX market. This includes enabling developers and institutions to embed currency conversion into decentralized applications, fostering a more open and liquid financial ecosystem [1].

The press release was sourced from the NewsBTC article detailing the partnership.

Source: [1] Mento Selects Wormhole as its Official Interoperability Provider to Power Cross-Chain Onchain FX (https://www.newsbtc.com/press-releases/mento-selects-wormhole-as-its-official-interoperability-provider-to-power-cross-chain-onchain-fx/)