TLDR:
- M^0, a stablecoin minting protocol, raised $35 million in a Series A funding round led by Bain Capital Crypto.
- The protocol allows approved entities to create a stablecoin called M overcollateralized by U.S. Treasuries.
In a recent article by Yogita Khatri for The Block, the key highlights include:
M^0, a decentralized stablecoin minting protocol, secured $35 million in a Series A funding round. The funding was led by Bain Capital Crypto, with other investors such as Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X participating in the round. The round, which began in late January and concluded in early May, was structured as equity plus tokens, with the issuance of governance tokens (POWER and ZERO) subject to a lock-in period.
M^0 operates on Ethereum, where approved entities can create the stablecoin M, backed by U.S. Treasuries. The protocol has been deployed on the Ethereum mainnet and is set to go live soon. The reserves for the M stablecoin must be held in separate vehicles managed by special purpose operators, ensuring transparency and security. Additionally, M^0 plans to expand to other Layer 1 and Layer 2 networks in the future.
The M^0 team, which includes former MakerDAO and Circle employees, is currently comprised of over 50 members. Bain Capital Crypto, along with other investors, has taken a board seat at M^0 as part of the Series A round. Prosperi, president of the M^0 Foundation Council, expressed the team’s focus on innovation and compliance with regulatory standards, aiming to revolutionize stablecoin minting protocols in the cryptocurrency space.
