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M^0

RWA

M^0 is a universal stablecoin platform that lets developers create their own programmable digital dollars backed by risk-free reserves. At its core is $M, a credibly neutral and fully collateralized digital cash primitive designed as a building block for stablecoin issuers, enabling safe, customizable, and interoperable financial products in DeFi.

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
What is M^0?
What we like
$M is designed to be fully backed by high-quality assets (e.g., short-term U.S. Treasuries), with clear rules for how issuance and backing are managed. The system separates token creation (by approved institutions) from everyday holding and transfer, which can help with accountability.
What we like less
Access to minting is permissioned and depends on off-chain custody, legal entities, and validator attestations, which adds reliance on institutions. Transparency and control sit partly outside the chain, and retail users can’t mint directly.
What it means for you
For most users, M0 is infrastructure rather than a product to use today. If integrations grow, you may encounter $M indirectly (e.g., as backing for other tokens or apps). DYOR on any wrapper or product built on top of $M, not just $M itself.
Information
Exploit/Hacks
None
Info
Key Metrics
  • TVL: $522.3M (Rank #64)
  • TVL Ranking by RWA: #2
  • Blockchain: Ethereum
  • Chain TVL
    • Ethereum: $522.27M
Risk Assessment
Watch Out
Protocol Code Quality
Protocol Maturity
  • Latest protocol version launched in 2024; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Top 5% by total value locked reduces risk
  • Core contracts require on-chain voting for parameter updates
  • Low voting power concentration reduces risk
Protocol Design
  • This protocol is susceptible to risks related to yield optimizers which deploy custom strategies to automatically manage user funds
Things to know about M^0

What is M^0

M0 is a protocol that coordinates approved institutions (“Minters”) to lock eligible collateral (initially short-term U.S. T-bills) and issue a token called $M. The goal is a bearer-style digital asset with consistent backing, simple transfer onchain, and a rule set that aims to keep the amount of $M at or below the value of its collateral.

How M^0 makes money

Institutions that mint $M pay protocol fees (an ongoing “minter rate,” and penalties if rules aren’t followed). Those fees are distributed within the system per its governance design.

How you make money on M^0

There’s no direct retail mint button. If $M is adopted by wallets, exchanges, or DeFi apps, users could earn via products that hold or wrap $M and pass through yield from the underlying collateral, subject to each product’s terms, risks, and eligibility.