Minteo is a Bogotá company, registered as Wagmi S.A.S., that issues COPM, a token meant to hold the value of one Colombian peso, on Polygon, Celo and Solana. Each month it asks the audit firm BDO to confirm that the pesos in its bank accounts outnumber the tokens on those chains. Businesses that clear its manual onboarding can turn pesos into COPM and back, with a minimum order of 10,000 pesos, according to its API documentation. Partners such as Littio, the Colombian dollar app we profiled in September, carry the token to end users.

Minteo had not responded to questions for this profile by publication.

The homepage also shows Mexican, Chilean and Peruvian siblings called MXNM, CLPM and PENM. Minteo’s contract directory lists addresses for COPM alone, and every BDO report covers COPM alone.

BDO’s June letter and the chain

The newest report on Minteo’s transparency site covers 30 June 2026. In the company statement attached to it, Minteo says it held at least COP 8,123,585,307.68 against 7,650,968,277.37 COPM in circulation, about 106 pesos for every 100 tokens. The statement’s reserve breakdown (Desglose de Reservas), as of 11 August, lists that reserve figure as cash in bank accounts, which BDO describes as accounts “in Minteo’s name”, with nothing in short-term deposits. The banks are not named.

BDO signed the June letter on 19 August. It is a limited-assurance engagement under ISAE 3000, so BDO’s conclusion is that it saw nothing suggesting the bank balances fell short of the token count. Its procedures included watching the statements being downloaded straight from the banks’ websites and reading token totals from the Polygon, Solana and Celo explorers.

Minteo’s June figure for tokens in circulation matched the combined supply on the three chains to the cent at 11:59:59 p.m. Bogotá time. At the cut-off the report actually gives, 11:59:59 p.m. UTC, five hours earlier, the chains held 7,698,892,123.38 COPM, some 47.9 million more. The reserve figure covers either number. Run the same way for February, March and April, the attested totals matched supply at the UTC cut-off to the cent. January’s came in 152,432 COPM below what the chains showed.

Because the attested figures equal total supply, any COPM sitting in Minteo’s own wallets counts as circulating.

The May 2026 file holds BDO’s two-page letter without the company statement that carries the numbers. No report for July, August or September is posted. Every statement from October 2023 to June 2026 that carries figures shows reserves above supply. The thinnest margin came at the end of September 2025, about 100.1 pesos per 100 tokens.

From 11 billion tokens to 5 billion

The attested series peaked at 11,066,364,197 COPM on 30 April 2026, roughly US$3.06 million at that day’s official exchange rate. On 16 October the chains held 5,047,386,005 COPM, with 4.61 billion on Polygon, 419 million on Celo and 15 million on Solana. At the official rate of 3,170.46 pesos per dollar, that comes to about US$1.59 million.

In the 30 days to 15 October, Polygon recorded 77 mints totaling about 11.6 billion COPM and 2,258 burns totaling about 13.0 billion, more than twice the outstanding supply in each direction. Celo had one burn of 400 million and no mints. On Solana supply has stayed at 15 million, and the last transaction to touch the token’s mint account dates from November 2024.

The largest COPM pools listed on DexScreener, a Uniswap pool against USDC and a Balancer pool against wrapped ether, both on Polygon, held US$88.60 and US$57.11. CoinGecko has no page for Minteo’s token. Searching “COPM” there returns the Mento Colombian Peso, a separate token on Celo whose contract symbol is “COPm”. A wallet that matches on ticker alone could mix the two up.

One Safe on each chain

Minteo’s technology page says minting, burning, freezing, pausing and upgrades sit behind multisignature wallets. Both EVM tokens run the same TokenV1 code behind an upgradeable proxy, verified on Sourcify for Polygon and on Blockscout for Celo, and the two deployed bytecodes are identical apart from their own addresses. Six roles (admin, pauser, minter, upgrader, freezer and rescuer) all belong to one Safe per chain, 0x84ec…4488 on Polygon and 0x0155…7c04 on Celo. Each Safe needs three of six signers, and the same six owner addresses appear on both.

The freezer role can stop an address from sending or receiving and, through a function called burnFrozen, destroy the tokens a frozen address holds. On the two EVM chains it has been used once, on Celo. An address there was frozen on 13 December 2024, and three days later a single transaction burned 30,672,824.59 COPM from it. It remains frozen with a zero balance. Polygon’s event log shows no freezes and no pauses since the contract went live in September 2023.

Polygon’s contract has been upgraded once. On 6 October 2023 the Safe handed the upgrader role to an ordinary single-key wallet, which swapped in the current implementation 15 minutes later, and the Safe revoked the role the next day. That implementation is the address Cyberscope audited that month. It reported no critical or medium findings and two informative ones, both about these central powers. Minteo replied in the report that mint, burn, pause and freeze “are not critical vulnerabilities but essential components for regulatory compliance and security in real-world asset tokenization.”

The verified source is public, and Minteo’s technology page calls it open source, but Minteo’s own contract files (TokenV1, Freezable, StorageGaps) carry an “UNLICENSED” tag. The repository named in Hacken’s November 2023 audit is not publicly visible, and Minteo’s GitHub organization shows four public repositories with no token contracts among them.

On Solana the mint uses the Token-2022 program with a permanent delegate, a setting that lets one authority move or burn tokens from any holder’s account. That authority, plus minting and freezing, belongs to a Squads multisig that needs two of its seven members, with no time lock and no configuration authority.

Bermuda and Bogotá

Colombia has no dedicated rulebook for stablecoin issuers. A 2026 Legal 500 guide says regulators treat crypto-assets as neither legal tender nor securities, and that Bill 510, a proposed framework for crypto service providers, is still pending.

At COPM’s launch in 2024, co-founder and chief executive Santiago Rodríguez told Portafolio that for every COPM in circulation “there is always a peso safeguarded in a bank supervised by the Superintendencia Financiera de Colombia” (translated from Spanish). The supervision he described is the bank’s.

Minteo has pointed to Bermuda for a license. Rodríguez wrote on LinkedIn in February 2025 that Minteo was “a regulated digital asset business under the Bermuda Digital Asset regime.” On 16 October the Bermuda Monetary Authority’s register of regulated entities listed 53 digital asset businesses, and none carried the name Minteo or Wagmi. Bermuda’s test and modified licenses expire, and the register prints expiry dates for those classes. We could not tell whether Minteo held one that lapsed or holds a license under another company name.

Minteo publishes no fee schedule. Its onboarding page says local tax withholdings may apply and that each customer sees a breakdown before every order. The homepage names Alliance, CMT Digital, Dune Ventures, Fabric, Impatient and Susquehanna as backers, and Portafolio reported an initial raise of US$4.3 million, describing COPM’s launch as the company’s move away from running an NFT marketplace. Nothing here is investment advice.

How we verified

  • Minteo did not answer questions for this profile.
  • On 16 October 2026 (from 5:20 a.m. ET) we read total supply directly from public RPC nodes: Polygon block 95,624,838, Celo block 80,241,833, Solana slot 457,585,931. Historical supply at each cut-off came from archive calls at the last block before 23:59:59 UTC and before 04:59:59 UTC the next day. Mint and burn totals are Transfer events to and from the zero address between Polygon blocks 93,874,512 and 95,602,314 and Celo blocks 77,616,043 and 80,208,041 (16 September to 15 October, UTC). Solana mint signatures run from 14 February to 8 November 2024.
  • All 33 BDO files on the transparency site (October 2023 to June 2026) were downloaded and read. The May 2026 file has two pages and no company statement. Dollar figures use the TRM on datos.gov.co for 30 April (3,621.86) and 16 October 2026 (3,170.46).
  • Contract roles were read with getRoleMember on both proxies. Safe thresholds and owners came from getThreshold and getOwners (Safe 1.3.0). The Squads account was decoded from its on-chain data. Freeze, burn, pause, upgrade and role events were pulled for each contract’s full history.
  • BMA register scraped on 16 October 2026 (53 digital asset businesses). Legal 500, Portafolio (27 March 2024), CoinGecko, DexScreener, Minteo’s API docs and GitHub were read the same day. Bank names behind the reserves, the Bermuda entity and any license file could not be checked.