Celo Philippines DAO has officially launched $PUSO, a decentralized stablecoin pegged to the Philippine peso, available on digital asset solutions platform Mento Labs’ Mento platform.
Important takeaway: Mento Labs said $PUSO can bring Web3 opportunities to more Filipinos. Builders are encouraged to leverage stablecoins by creating projects tied to potential use cases.
Main details:
Built on the Celo blockchain, PUSO enables seamless PHP conversion and low-cost transactions. Unlike centralized stablecoins, it is decentralized, providing transparency and control to users. Available on platforms like Mento dApp and wallets like Valora and MetaMask, PUSO enables access to global DeFi services. Use cases: Can be used for payments, loans, remittances, and transactions, providing local currency alternatives and a wide range of liquidity options.
important quotes
“A fully decentralized stablecoin tracking the Philippine Peso has many attractive possibilities and poses a major challenge to the way we think about traditional stablecoins. This is a technological achievement only recently made possible by the Mento platform, and I have long felt that this is the missing piece in the Philippine cryptocurrency ecosystem.”
Luis Buenaventura, G Cash
“Exchange rate fluctuations pose an inherent risk to global payments, exposing transacting parties to currency fluctuations and potential losses. The open source Mento platform aims to provide a local stablecoin accessible in multiple currencies, and should also benefit borrowers seeking access to credit in local currencies. will allow users in any country to access local digital currencies such as USD stablecoins or Philippine Peso stablecoins (PUSO) through major mobile wallets.”
Markus Franke, Mento Labs CEO
structure:
How to buy PUSO with MetaMask:
Step 1: Install MetaMask: Download and install it as a browser extension or mobile app.
Step 2: Add the Celo network to MetaMask.
Open MetaMask, click on the network dropdown at the top and select (Add network). Enter your Celo network details. Network Name: Celo RPC URL: https://forno.celo.org Chain ID: 42220 Currency Symbol: CELO Block Explorer URL: https://explorer.celo.org (Click Save). advertisement
Step 3: Fund your MetaMask wallet: Purchase CELO tokens from an exchange and transfer them to your MetaMask wallet by sending them to your MetaMask Celo address.
Step 4: Visit Mento dApp.
Access the Mento platform via your dApp browser or directly to the Mento website. Connect your MetaMask wallet to Mento dApp.
Step 5: Exchange to PUSO:
In the Mento dApp, find the “Swap” section. Select CELO or another supported asset and exchange it for PUSO.
How to buy PUSO in Valora:
Step 1: Install Valora: Download the Valora app from the App Store (iOS) or Google Play (Android).
Step 2: Set up your wallet: Follow the onscreen instructions to create a new wallet or import an existing wallet.
Step 3: Fund your Valora wallet:
Buy CELO tokens directly through Valora using fiat currency or transfer CELO from exchanges like Binance.
Step 4: Exchange to PUSO:
Open the Valora app and go to the “Swap” feature. Select CELO or cUSD as the payment currency and PUSO as the token you would like to receive. Once you confirm the swap transaction, your PUSO tokens will be added to your Valora wallet.
Between the lines: This launch opens the door to financial inclusion, especially for the unbanked and underserved by the traditional financial system.
However, despite the potential, challenges remain, including regulatory oversight and user education.
What’s next: Mento Labs and Celo Philippines DAO aim to expand $PUSO’s use cases and ecosystem integration.
They plan to introduce a more decentralized local currency.
Worth reading: Earlier this month, Celo Philippines DAO introduced $PUSO in collaboration with Mento Labs.
This article is published on BitPinas: $PUSO Stablecoin Officially Launched | Where and on what platforms can you buy it?
What else is happening in CryptoPhilippines and beyond?
