Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Moneta Digital Co. Ltd., a Seychelles-incorporated company, issues and redeems MMXN, a stablecoin pegged 1:1 to the Mexican peso and backed by reserves that it says are held with Deltec and Delchain.
Moneta Digital Co. Ltd., a company incorporated in Seychelles, issues MMXN, a stablecoin pegged one to one to the Mexican peso.
MMXN launched on 17 June 2021. José Guadiana, vice president of communications for Moneta Digital in Mexico, said it is backed one to one by the peso. Expansión reported that Moneta cited backing from Kriptal, a venture fund. At launch, Moneta said customers could buy other cryptocurrencies through MMXN from 1,000 pesos and that MMXN would be available 24 hours a day.
Moneta said MMXN is not a substitute for the peso. Moneta publishes the MMXN smart contract and white paper on GitHub under an MIT licence.
Sources: Moneta Digital website: User Agreement and Privacy Notice, Expansión: MMXN launch article, 17 June 2021, La Razón: MMXN, first stablecoin pegged to the peso, Moneta Digital GitHub: MMXN white paper, contract and MIT licence
MMXN is Moneta Digital's only stablecoin.
Moneta Digital says MMXN is backed one to one by Mexican pesos. Its user agreement says that for every 100 MMXN issued, Moneta holds reserves valued at 100 pesos, that the reserves include fiat, and that their composition is at Moneta's sole discretion.
Its FAQ says MMXN and MXN are reserved by Deltec and Delchain, and that Armanino LLP verifies the peso reserve against the tokens in circulation. The March 2021 white paper says Moneta engaged Armanino LLP to attest to the peso reserve balances that back MMXN in circulation. La Razón quotes the same one-to-one backing claim from Moneta's communications lead. Moneta's website publishes no reserve total or attestation report.
Sources: Moneta Digital website: User Agreement and FAQ, Moneta Digital: MMXN white paper (English), March 2021, La Razón: MMXN, first stablecoin pegged to the peso
MMXN is the only stablecoin Moneta Digital issues. It tracks the Mexican peso and has contracts on Ethereum and Tron. Moneta's FAQ also lists Stellar, Polygon, Solana and BSC.
The Ethereum contract reports a total supply of 600,000,000 MMXN with 6 decimals and 15 holders on Etherscan. It was compiled with Solidity 0.4.25 and includes minting, burning and pausing functions. TronScan reports a total supply of 400,000,000 MMXN on Tron. About 989M of the combined 1.0B MMXN sits in three wallets: 590M on Ethereum and 340M and 59M on Tron.
CoinMarketCap shows a self-reported circulating supply of 24M MMXN, which differs from the on-chain totals.
Sources: Etherscan: Moneta Stablecoin (MMXN) token page, TronScan API: Moneta Stablecoin (MMXN) token data, TronScan API: MMXN holder list, Moneta Digital website: FAQ, CoinMarketCap: Moneta Digital (MMXN)
