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.
Supply
1.2% of GBP stablecoin supply · 3rd of 5 GBP stablecoins with supply
Peg today
below 1 GBP
Chains
5th of 5 GBP stablecoins read on chain · median 3
Holders on Celo
GBPm is a GBP stablecoin minted by the Mento protocol's smart contracts, with no central issuer, launched on 13 Apr 2025.
GBPm is the pound sterling stablecoin issued on Celo by Mento, a protocol rather than a licensed company. It was previously known as cGBP and was renamed to Mento British Pound (GBPm) on 17 December 2025, when Mento moved its stablecoins to the m-suffixed naming standard. The token is minted on Celo.
GBPm is a CDP-backed FX stable. Mento's documentation describes its CDP system as a fork of Liquity v2 in which users lock USDm, Mento's dollar stablecoin, and borrow pound-pegged stables such as GBPm. A GBPm is therefore a claim on USDm collateral rather than on pounds held in a bank account.
Sources: Mento blog: The Evolution of Mento (17 December 2025), Mento docs: CDPs, Mento Reserve dashboard
265.8K GBPm in circulation across 2 chains; Celo carries 65.2%. That is 1.2% of the GBP stablecoin supply on the map, 3rd largest of 5.
All GBP stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 5 GBP stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across GBPm’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 5 active GBP stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
265.8K GBPm (US$356.3K)
1.2% of all GBP stablecoin supply, #3 of 5
Celo 65.2% · other chains 34.8%
Celo173.4K GBPm · 65.2%
Monad92.4K GBPm · 34.8%Supply growth
Counted on Celo. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Celo less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
Source: Blockscout.
313holders on Celo
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Celo less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
How far GBPm trades from its GBP peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much GBPm's price swings around 1 GBP from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 GBP scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 GBP, signed.
The ranking counts every active GBP stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled US$1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
For a GBP stablecoin, the largest deviation leaves out days when most other GBP stablecoins closed the same distance from par on the same side: that move is the exchange rate, not GBPm. A move GBPm makes alone, or a discount it holds while the others stay at par, is kept.
20 bps
Peg volatility, 90 days
typical day-to-day swing around 1 GBP
Leaves out 4 days when most other GBP stablecoins moved the same way. The GBP exchange rate is taken at a different time from the close, so a move shared by the whole currency is timing, not a depeg. The chart still shows those days.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 GBPm | −29 bps (−0.29%) | 18 bps | 20 bps | +330 bps (+3.30%) |
GBPm tracks the British pound, but the collateral behind it is USDm, and Mento's documentation is explicit that this creates FX exposure: the debt token is pegged to GBP, which floats against the dollar, so a trove can become undercollateralized when GBP appreciates in dollar terms as well as when USDm depegs.
Borrowers repay GBPm to free their collateral. Mento's documentation states that normal redemptions and liquidations only run while FX markets are open: from Friday 21:00 UTC to Sunday 23:00 UTC, and on certain holidays, CDP actions are blocked.
The documentation describes the risk profile as differing from crypto-collateralized systems because the collateral is itself a stablecoin, and it names USDm depeg as the correlated risk across all CDP instances.
Sources: Mento docs: CDPs, Mento docs: The Reserve
Where GBPm is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 1 GBPm pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
29.38% | 26.17% | IncentiveIL riskStable | Monad | +29.32% | US$395.3K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 2 Nov 2026.
GBPm in pool is GBPm's own side of the pool, at its USD price. Pool liquidity counts both sides.
US$122.8K of GBPm sits in 1 DEX pool across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼GBPm in pool | 24h volume |
|---|---|---|---|---|---|
| GBPM / USDM | Monad | US$388.6K | US$122.8K | – |
GBPm is obtained in two ways: by borrowing it in the Mento app, where a user deposits USDm and opens a GBPm trove, or by buying it on a DEX on Celo. Mento's documentation notes that DEXs on Celo list pairs that include Mento stables, and that rates and liquidity vary.
Within Mento, GBPm is also deposited into the stability pool that supports liquidations, where depositors can earn rewards. Mento's documentation positions these FX stables as the protocol's way of offering local currency exposure where no high-quality fiat-backed pound stablecoin is integrated at scale.
Sources: Mento docs: CDPs, Mento docs: Getting Mento stables on Celo, Mento docs: The Reserve
GBPm has no collateral, or is backed mainly by its issuing protocol's own token.
GBPm's backing sits behind two layers. Mento's documentation states that GBPm is minted through a Liquity v2 style CDP in which users deposit USDm as collateral and borrow the pound stablecoin, and that the Reserve does not hold collateral for CDP-backed stables like GBPm. The documentation states that USDm is Reserve-backed by fiat-backed stablecoins such as USDC, USDT and USDS, and the reserve dashboard also lists CELO, stETH and ETH among the Reserve's holdings.
The reserve dashboard shows the current numbers. Read on 2 October 2026 it reported the GBPm CDP on Celo at 233,439 GBPm against $774,786 of USDm collateral, a collateralization ratio of 2.51. The wider Reserve held about 20.8 million dollars of collateral against 14.5 million of reserve debt across 12 stablecoins, a ratio of 1.44.
So the pound token is overcollateralized in dollars rather than in pounds. The ratio above describes the CDP position as the dashboard computes it, and it moves as the USDm and GBP exchange rates move.
Sources: Mento docs: The Reserve, Mento docs: CDPs, Mento Reserve dashboard
Celo0xccf663b1…04a40746mint(address,uint256)eip1967-transparent0x39bb4e0a…69d40fd1mint(address,uint256)eip1967-transparentRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint · upgrade (proxy)
Reserves are published as a continuous proof-of-reserves feed.
GBPm has no licensed issuer and no regulator of record, because Mento is a protocol rather than a company: there is no bank relationship, no custodian and no reserve account for an outside firm to examine.
Governance is the closest thing to a rulebook on the public record. The documentation states that reserve composition, the assets accepted as collateral and the liquidity strategy parameters are set by governance of MENTO token holders, and the CDP system itself runs as a fork of Liquity v2 with an emergency shutdown mode for branches that enter shutdown.
Sources: Mento protocol documentation, the Reserve, Mento protocol documentation, collateralized debt positions, Mento reserve dashboard
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.
Not applicable (no central issuer)recorded for the protocol; no central issuer
Mento's documentation names four risks for CDP-backed stables like GBPm. A USDm depeg would hit every CDP instance at once, because all of them use USDm as collateral. Borrowers and stability pool depositors carry GBP to USD exchange rate risk, and stability pool depositors can lose value when liquidations pay out USDm against GBPm debt.
Troves can become undercollateralized from two directions at once: GBP appreciating against the dollar raises the dollar value of the debt, and a USDm depeg lowers the dollar value of the collateral. The documentation also notes that liquidations and redemptions pause over weekends, when the FX market is closed.
At the scale on the dashboard on 2 October 2026, 233,439 GBPm, the token is small. There is no fiat attestation behind the token, and the overcollateralization that protects it is measured in a different currency from its peg.
Sources: Mento docs: CDPs, Mento docs: The Reserve, Mento Reserve dashboard
Not pounds in a bank. GBPm is minted by borrowing against USDm inside a Liquity v2 style CDP, and USDm is itself backed by the Mento Reserve, which holds fiat-backed stablecoins alongside CELO, stETH and ETH. The dashboard showed the GBPm trove collateralized at 2.51 times its debt when read on 2 October 2026.
No company issues it. GBPm is minted by the Mento protocol, not by a licensed company. There is no bank custodian and no reserve account for an outside firm to examine, and the documentation says reserve parameters are set by governance of MENTO token holders. The token was previously called cGBP and has rebranded to GBPm.
The documentation names USDm depeg as a correlated risk across all CDP instances, plus GBP to USD exchange rate risk for borrowers. Troves can become undercollateralized from either direction, and liquidations and redemptions pause while FX markets are closed on weekends.
52 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: Blockscout, Celo Updated
Daily close against the GBP peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -200 bps to +200 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 1 close sits beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
GBPmSource: DeFiLlama and CoinGecko prices Updated