$PUSO Stablecoin Officially Launches | Where to Buy and in What Platforms

The Celo Philippines DAO has officially launched $PUSO, a decentralized stablecoin pegged to the Philippine Peso, available on the Mento Platform of the digital assets solution platform Mento Labs.

What’s the significance: Mento Labs said $PUSO can open more web3 opportunities to more Filipinos; builders are encouraged to utilize the stablecoin by creating projects tied to potential use cases.

Key details: 

• PUSO, built on the Celo blockchain, enables seamless PHP conversions and lower-cost transactions. 
• It is decentralized which offers transparency and control to users, unlike centralized stablecoins. 
• Available on platforms like the Mento dApp and wallets like Valora and MetaMask, PUSO allows access to global DeFi services.
• Use Cases: It can be used for payments, lending, remittances, and trading, offering a local currency alternative and broader liquidity options.

Key Quotes

“A fully-decentralized stablecoin tracking the Philippine Peso has many fascinating possibilities and really challenges the way we think about traditional stablecoins. It’s a technological achievement that was only recently made possible by the Mento Platform on the Celo blockchain, and for a long time, I’ve felt that this was the missing piece in the Philippine crypto ecosystem.”

Luis Buenaventura, GCash

“Exchange rate fluctuations pose inherent risks to global payments, exposing transacting parties to currency volatility and potential losses. There is a need for both dollar stablecoins and local currencies to coexist, benefiting not only savers, but also borrowers who seek access to credit in local currencies. The open-source Mento Platform aims to provide accessible local stablecoins in multiple currencies, enabling users in every country to access either a USD stablecoin, or their local digital currency such as the Philippine Peso stablecoin (PUSO) via leading mobile wallets.”

Markus Franke, CEO, Mento Labs

How it works: 

How to Buy PUSO in MetaMask:

Step 1: Install MetaMask: Download and install it as a browser extension or mobile app.

Step 2: Add Celo Network to MetaMask:

• Open MetaMask, click on the network dropdown at the top, and choose “Add Network”.
  • Input the 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.

Step 3: Fund Your MetaMask Wallet: Transfer CELO tokens to your MetaMask wallet by purchasing them from an exchange and sending them to your MetaMask Celo address.

Step 4: Access Mento dApp:

• Visit the Mento platform via the dApp browser, or directly go to the Mento website.
• Connect your MetaMask wallet to the Mento dApp.

Step 5: Swap for PUSO:

• On the Mento dApp, find the “Swap” section.
• Select CELO or another supported asset, and swap 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 Wallet: Create a new wallet or import an existing one by following the on-screen instructions.

Step 3: Fund Your Valora Wallet:

• Purchase CELO tokens directly through Valora using fiat, or transfer CELO from an exchange like Binance.

Step 4: Swap for PUSO:

• Open the Valora app, and navigate to the “Swap” feature.
• Select CELO or cUSD as your payment currency, and choose PUSO as the token you want to receive.
• Confirm the swap transaction, and your PUSO tokens will be added to your Valora wallet.

Between the lines: The launch opens doors for financial inclusion, particularly for those unbanked or underserved by traditional financial systems. 

However: Despite the potential, challenges such as regulatory scrutiny and user education remain.

What’s next: Mento Labs and the Celo Philippines DAO aim to expand $PUSO’s use cases and ecosystem integration. 

• They plan to introduce more decentralized local currencies.

Worth reading: Earlier this month, The Celo Philippines DAO, in collaboration with Mento Labs, introduced $PUSO.

This article is published in BitPinas: $PUSO Stablecoin Officially Launches | Where to Buy and in What Platforms

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