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