News Room

[Switzerland] – M^0, the decentralized infrastructure layer for the issuance of cryptodollar assets, proudly announces the successful completion of its first $10 million mint of $M. MXON,  M^0’s pioneering Minter, has successfully minted $M, a cryptodollar powered by the M^0 protocol. $M is backed by short-term US treasuries stored in best-in-class structures, ensuring stability and security. This breakthrough represents a major accomplishment for the M^0 protocol, which is engineered to accommodate multiple Minters, promoting a decentralized method of digital money issuance and establishing a new industry benchmark.

$M is a fungible token that can be generated by a Minter by locking Eligible Collateral in a secure off-chain facility. Once generated, a Minter can then sell these tokens into the market. With Minters selling and buying back these tokens at the price of $1, $M serves as a cryptodollar, offering a stable, digital representation of the US dollar.

“Completing this mint is a significant milestone for both MXON and the entire M^0 ecosystem,” said Jacqueline To, Head of Operations for MXON. “It underscores the robustness of our protocol and reflects the growing confidence institutions have in our pioneering approach to issuing digital currency. This achievement is a testament to our commitment to excellence in the digital finance landscape.”

In conjunction with the first mint, M^0 is also releasing its adopted governance guidance. This proposed draft is intended for industry review and outlines the governance model that underpins the M^0 protocol. The guidance aims to set a standard for decentralized governance in digital money issuance, ensuring transparency, security, and efficiency. The M^0 protocol operates on a decentralized governance model, allowing a federation of Minters, Validators, and Earners to participate. The successful implementation of this governance model through the minting by MXON underscores the effectiveness of M^0's adopted guidance.

“The M^0 protocol's successful first mint demonstrates our ability to support diverse institutions and decentralized applications,” said Luca Prosperi, CEO of M^0. “This benchmark represents a transformative step towards a future where digital assets are more secure, accessible, and integrated into the global financial ecosystem, fostering unprecedented democratization and progress. M^0 is undoubtedly poised to drive the next wave of advancements in the financial sector."

This news comes on the heels of M^0’s $35 million Bain Capital Crypto-led Series A announcement in June. The investment will expand M^0's infrastructure and speed up efforts to improve liquidity in the stablecoin market. M^0 features a world-class team and seeks to establish a global standard for issuing fungible, fiat-backed digital assets via its Ethereum-based protocol layer, free from reliance on traditional financial systems.

Looking forward, M^0 plans to continue expanding its network of Minters, enhancing the protocol’s capabilities and reach. This expansion is integral to M^0’s mission to democratize access to money issuance infrastructure, enabling a more modern, federated framework for cryptodollar issuance.

To learn more about M^0 and stay up-to-date on the latest developments, visit m0.org and follow along on X.

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About M^0 Ecosystem

M^0 is money middleware for the digital age. It is a decentralized, on-chain protocol, as well as 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.

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About MXON

MXON is a pioneer in decentralized finance, introducing $M, a stablecoin minted on the M^0 protocol. As the first minter on the M^0 network, MXON ensures $M is backed by short-term US treasuries stored in best-in-class structures. The M^0 infrastructure supports a multi-issuer, multi-jurisdictional approach, providing a flexible, secure, and interoperable solution for digital finance.

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