Most ppl don't know you can trade Kenyan shillings for Brazilian reals directly onchain now.
@MarkusMento from @MentoLabs breaks down how 15 local stablecoins don't need to rely on the dollar + why AMMs (still) suck for FX.
Timestamps:
00:00 - Intro
01:58 - What is Mento Labs
03:20 - Solving FX with onchain infrastructure
05:00 - Problems in African cross-border FX
06:40 - Tokenizing currencies and instant settlement
08:14 - Why AMMs don't work for FX
10:01 - How Mento enables arbitrage
11:58 - CDPs and stablecoin minting
14:40 - Borrowing in local currencies
16:20 - Distribution pools and FX trading
18:02 - Cross-border payments and on-ramps
23:03 - Use cases: microlending and local commerce
35:04 - Roadmap: crosschain, v3, governance
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