News Room
M^0 Goes Multichain with Wormhole Integration
Integration Unlocks Seamless Multichain Access for stablecoin Assets, Driving Greater Interoperability and DeFi Adoption
Switzerland – October 23, 2024 – M^0, the decentralized infrastructure layer for the issuance of $M, a novel stablecoin, today announced a strategic integration with leading interoperability platform, Wormhole. This integration aims to enhance M^0's multichain presence, interoperability and the adoption of its stablecoin, $M, and its yield-distributing wrapper, Smart $M.
This integration empowers developers, as well as institutional and retail DeFi users to seamlessly use $M and Smart $M across various blockchain networks. By leveraging Wormhole Messaging and Native Token Transfer (NTT) infrastructure, M^0 will introduce official versions of $M and Smart $M on multiple major blockchains.
The $M token by M^0 is a next-generation stablecoin, backed by high-quality real-world reserves such as U.S. treasuries. Issued by a federation of minters through a decentralized protocol, $M introduces superior interoperability and transparency, serving as a more programmable and less fragmented digital representation of the US dollar. Designed to be credibly neutral and self-custodial, $M offers a superior building block for digital value representation across the on-chain ecosystem.
“The integration with Wormhole enables us to bring $M anywhere where developers and users of digital dollar use cases are, delivering on our promise to make decentralized money more interoperable and less fragmented for users worldwide,” said Luca Prosperi, President of the M^0 Foundation.
In the next phase of this collaboration, M^0 will work with Wormhole contributors to develop a custom validator and thereby adding more robust security to Wormhole’s NTT framework. This highlights the modularity of Wormhole’s architecture and leverages the strength of M^0's internal validator network by allowing the interoperability platform to inherit the security of the M^0 protocol.
“Stablecoins lie at the heart of DeFi innovation, and Wormhole’s integration with M^0 represents a major leap forward in their evolution,” said Robinson Burkey at Wormhole. “Combining Wormhole’s cross-chain technology with M^0's innovative stablecoin infrastructure unlocks new possibilities for scalable and interoperable stablecoin solutions that will drive the next wave of DeFi adoption.”
By utilizing Wormhole’s infrastructure, M^0 will be empowered to seamlessly connect its stablecoin ecosystem to a broader range of blockchain networks, driving adoption and liquidity across multiple chains.
Looking ahead, M^0 and Wormhole contributors are exploring deeper integrations, with exciting new products on the horizon that promise to transform cross-chain liquidity further and enhance the ecosystem.
To learn more about M^0 and stay up-to-date on the latest developments, visit m0.org and follow on X.
About M^0 Ecosystem
M^0 is money middleware for the digital age. It is a decentralized, on-chain protocol and a corresponding set of off-chain standards and APIs that powers a federation of stablecoin issuers. With M^0, any number of independent institutions can tap on turnkey middleware to become the minter of a fungible stablecoin.
About Wormhole
Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers access to liquidity and users on over 30 leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more.
The wider Wormhole network is trusted and used by teams like Circle, AMD, and Uniswap. To date, the platform has facilitated the transfer of over 1 billion cross-chain messages.
