The Colombian stablecoin
that has moved
US$2.05 billion

I was part of the founding team that built COPM at Minteo: a Colombian peso stablecoin. We designed the systems, the workflows and the architecture that moved real money for years.

And here comes the classic engineer's problem: almost none of it can be shown. The code belongs to the company. The dashboards are internal. NDAs exist and are respected.

But there is one huge exception.

The blockchain is public by definition. Every COPM movement was recorded on Polygon and on Celo: verifiable by anyone, forever. It isn't internal information, or code, or intellectual property — it's the public record of what the system did.

So instead of asking you to take my word for it, I audited it. All of it.

A stablecoin is a digital peso: a token that is always worth the same as its reference currency. 1 COPM = 1 Colombian peso, backed by real pesos in a bank.

The system works like a currency exchange booth with two windows:

Between those two windows, tokens move around: payments, settlements between companies, remittances. Every movement — every transfer — is recorded on the blockchain with amount, origin, destination and date. Forever.

This audit read all of those records. All 317,696 of them.

No middlemen. No third-party dashboards. No "trust me". The pipeline talks directly to each blockchain through an RPC endpoint — a node's API door — which can be paid or public:

1. Find the contract's birth Binary search over the chain until hitting the exact block where the contract appeared.
2. Download every Transfer event From that block to today, in parallel, with automatic retries. Polygon: 196,796 events. Celo: 120,900.
3. Put a date on every movement Every event lives in a block; every block has a timestamp. That builds the complete daily series.
4. Rebuild the accounting Replaying the events in order: daily volume, mints, redemptions and circulating supply.
5. Validate everything against the live chain Randomly sampled transfers are requested again directly from the blockchain, to confirm the scan matches reality.

Polygon is where the big operation lives: settlement between companies, large amounts, the bulk of the volume.

$2,034M gross volume in 996 days · 196,796 transfers · average ticket ~$10,300

The story has three acts:

Act 1 — the wait. The contract existed for 17 months before crossing 100 daily transactions. That's how B2B infrastructure scales: not through individual users, but through big integrations. Each new partner is a step, not a slope.

Act 2 — the explosion. November 2025: US$318.4 million in a single month. And within that month, the record day: on November 24, $38.6M moved in 2,597 transactions. Nine of the ten most active days in history fell between October and November 2025.

Act 3 — maturity. After the peak, volume settled at $60–95M per month… and in May 2026 it bounced back to $189.9M, with the second-best day ever ($31.5M on May 5).

Same token, different movie. On Celo, COPM doesn't move millions per transaction — it moves what people move.

$96 average ticket per transfer · 120,900 transfers · $11.7M total volume

Compare: the average transfer on Polygon moves ~$10,300. On Celo, ~$96. Two orders of magnitude apart — and that difference isn't noise, it's architecture: Polygon carries institutional settlement, Celo carries the profile of remittances, micropayments and end-user wallets.

And one detail that changes everything: here the takeoff didn't take 17 months. It took 6 weeks. The second chain doesn't start from zero — it inherits the partners, the operation and the use case already proven on the first one.

Seen together, the multi-chain design explains itself: each network serves the use case where it is strongest.

The chart tells the relay: Celo took off first in activity (its 18,491-transaction peak came in January 2025, 4 months after deploy) and Polygon took the baton with the institutional wave that culminated in November's record.

Because you don't have to believe me — that's the point. Three reasons, none based on trust:

• ✓ Primary source. Everything comes from standard RPC calls against each blockchain. Zero indexers, zero third-party APIs.
• ✓ Validated against the live chain. The scan is checked against the current state of each blockchain before being reported.
• ✓ Reproducible. The scripts are open source. Run them yourself and get the same numbers.
• ✓ Documented limitations. Fixed rate of 4,000 COP/USD (±5%), and a known supply difference on Polygon, explained in the audit.

# reproduce everything with your own eyes
git clone https://github.com/juansacdev/copm-onchain-analysis.git
cd copm-onchain-analysis && cp .env.example .env
npm install && npm run audit:all

Want the full technical detail? The per-chain audits and the unified one live in the repository, in Spanish and English, with methodology, tables and limitations.

That's what the Colombian financial press said in September 2025. This audit doesn't just confirm it with public data: it shows that two months later, in November, the system reached US$318.4 million in a single month.

When the record is public, milestones aren't declared. They're verified.