M0

M0 — stylized M^0 and pronounced "M-Zero" — is modular stablecoin infrastructure that lets developers and institutions launch their own branded digital dollars without building reserve management, smart-contract stacks, or banking rails from scratch. Rather than forcing builders into a rigid, one-size-fits-all stablecoin, M0 separates the three components of a stablecoin into independent, swappable layers, each configurable to a specific product's needs.

The Problem It Solves

Launching a stablecoin has historically required either accepting the terms of an existing issuer — surrendering control over branding, yield, and access rules — or assembling a full technical and regulatory stack from the ground up. Neither path suited most fintech companies, neobanks, wallets, or protocol teams. M0 addresses this gap by acting as shared infrastructure: a clearing and settlement layer where approved issuers mint a base digital dollar against high-quality collateral, while builders configure how that dollar behaves in their own product.

How It Works: The Three-Layer Stack

M0 operates on three independent layers that can be composed or swapped without redeploying the full system.

1. Issuance Layer At the foundation sits $M, M0's shared base digital dollar. Approved institutional issuers mint $M by depositing high-quality collateral — similar in principle to how reserve-backed stablecoins work — creating a common liquidity pool that all stablecoins built on M0 share. Current regulated issuer partners include Anchorage Digital, Bridge, MoonPay, 1Money, and MXON. Builders can connect to an existing issuer or, for larger operations, operate their own.

2. Distribution Layer M0 calls this "Onchain Orchestration." It handles liquidity routing, cross-chain transfers, and interoperability so that builders do not need to independently implement bridge infrastructure. Stablecoins built on M0 share the same $M liquidity pool, which means they can be exchanged with one another without traditional price discovery. Cross-chain interoperability is handled through integration with Wormhole NTT.

3. Application Layer The top layer is where builders define how their stablecoin actually behaves: token economics, yield and rewards mechanics, access controls, compliance rules, and user-facing features. M0 documents 26 configurable capabilities across this layer, giving teams granular control over their product while preserving the option to swap partners or revise decisions later without starting over.

Contract Infrastructure and Developer Access

Builders access M0's functionality through audited, battle-tested smart contract templates available for both EVM (Ethereum Virtual Machine) chains and SVM (Solana Virtual Machine). REST APIs handle financial flow orchestration while GraphQL APIs handle data querying. Contracts are deployable across more than ten chains from launch, reducing the effort of multi-chain expansion to a configuration choice rather than a separate engineering project.

Solana Integration

M0 launched on Solana in April 2025, extending its SVM contract templates and $M liquidity infrastructure to one of crypto's fastest-growing ecosystems. The Solana deployment chose the network specifically for its speed, transaction throughput, and low fees — characteristics that matter for stablecoins used in payments and consumer applications. The first Solana-based user was KAST, a neobank that launched two application-specific digital dollars on the platform. Cross-chain transfers between Solana and EVM chains are handled through the Wormhole NTT integration. At the time of the Solana launch, M0-backed stablecoins had surpassed $170 million in combined circulating supply.

Notable Deployments

The range of organizations building on M0 illustrates its breadth. MetaMask launched mUSD, described as the first native stablecoin from a self-custodial wallet, embedding a dollar product directly into the MetaMask user experience. PayPal, MoonPay, and M0 jointly announced PYUSDx, an infrastructure framework for PYUSD-backed application stablecoins. MoneyGram launched MGUSD in June 2026 to serve its 60 million users with a dollar-pegged stablecoin targeting global remittances. Other deployments include Noble (USDN), Citrea (ctUSD), Playtron (a gaming-specific dollar), Exodus, and Usual Labs. By mid-2025, total supply had grown 215% since the start of that year.

Security and Audits

M0 emphasizes "audited, battle-tested contract templates" as a core selling point, positioning the security work as pre-done infrastructure that builders inherit rather than commission themselves. The documentation includes a dedicated audits section under resources, though full audit reports are accessed through the developer portal. The use of standardized, pre-audited templates reduces the per-project security surface compared to teams deploying custom contracts.

Team and Funding

M0 was founded in 2023 and is led by Luca Prosperi, who previously contributed to MakerDAO. The team's background in early DeFi stablecoin infrastructure informed the design of M0 as a more institutionally accessible but still onchain-native stack.

The company has raised $100 million in total funding. A Series A was led by Bain Capital Crypto, with participation from Galaxy Ventures and Pantera Capital. A $40 million Series B closed in August 2025, led by Polychain Capital and Ribbit Capital, with participation from Endeavor Catalyst and Road Capital. The institutional backing spans both crypto-native and traditional fintech investors, reflecting M0's positioning as a bridge between DeFi infrastructure and mainstream financial product development.

Fit in the Solana Ecosystem

M0's Solana presence brings regulated, audited stablecoin issuance infrastructure to an ecosystem that has historically hosted strong consumer and payments activity. By providing SVM contract templates and shared $M liquidity, M0 enables Solana-native builders to launch compliant branded digital dollars without building from scratch or relying on permissioned incumbents. The Wormhole NTT integration ensures that Solana-issued stablecoins remain interoperable with the broader M0 ecosystem across EVM chains, giving builders a multi-chain distribution path from a single deployment.