M^0 Raises $35M Series A for Stablecoin Network
Decentralized infrastructure provider M^0 has successfully raised $35 million through a Series A funding round to enhance its stablecoin issuance platform. The funding was led by Bain Capital Crypto, with participation from existing investors and partners such as Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X.
As announced by the company, it successfully deployed its core protocol and on-chain governance mechanism on the Ethereum mainnet on June 4. The M^0 platform enables institutional clients to mint stablecoins backed by high-quality collateral like United States Treasurys. This approach is similar to asset tokenization, where institutional investors can convert assets into digital tokens—in this case, a stablecoin.
This method bears some resemblance to that of MakerDAO’s stablecoin, Dai. MakerDAO uses crypto assets locked in smart contracts as collateral for DAI minting, instead of traditional assets. The team behind the M^0 protocol includes former members from both MakerDAO and Circle, bringing with them extensive experience in the field.
Stefan Cohen, a partner at Bain Capital Crypto, highlighted the significance of stablecoins in today’s financial landscape, stating, “Stablecoins are the largest and fastest growing asset for settlement on public blockchains today. We expect this market to continue to grow quickly to trillions of dollars over the next decade.” This assertion underscores the growing relevance of stablecoins, particularly in decentralized finance (DeFi) applications and remittances.
At the time of writing, the combined market cap of all stablecoins stands at $160 billion, according to DefiLlama. M^0 Foundation’s president, Luca Prosperi, pointed out that while the stablecoin sector has seen growth, it still mostly comprises version 1 solutions. He added that these solutions often involve additional layers on top of outdated and redundant financial infrastructure.
Prosperi envisions the new technology as the next generation backend for fintech frontends, aiming to move beyond the current limitations. “The vision is to move this technology forward as the next generation backend for fintech frontends,” he remarked, emphasizing the platform’s transformative potential.
Earlier in 2023, M^0 had already raised $22.5 million in seed funding from Pantera Capital, which helped bootstrap the initial stages of the platform. These funds were crucial for the development and deployment of M^0’s foundational technologies.
In summarizing the company’s trajectory and future goals, Prosperi stated, “We are transitioning from an outdated monetary infrastructure dominated by large, centralized parties, to a much more modern, federated framework for cryptodollar issuance.” This shift aims to modernize and federate the current monetary system, making it more efficient and accessible for various stakeholders.
36 thoughts on “M^0 Raises $35M Series A for Stablecoin Network”
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Seemingly advanced tech, but filled with more loopholes and complexities. Not impressed! 💻🕳️
Kudos to Bain Capital Crypto and all investors! M^0 is on an incredible path!
So thrilled to see M^0 raising $35M! This is going to revolutionize the stablecoin space! Congrats to the team and investors!
Making rich people richer through innovations isn’t exactly groundbreaking. Just more of the same.
Incredible news! M^0s next-gen technology has the potential to redefine the market!
Exciting times ahead! M^0s funding round is a major milestone! Congrats to all!
Huge congratulations! M^0 is at the forefront of a major financial evolution!
Exciting development! Looking forward to the advancements M^0 will bring! 🚀🌐
Wow, $35M! The M^0 team is onto something huge! Bravo!
Amazing news! M^0’s technology could truly reshape the financial infrastructure. Kudos to everyone involved!
So promising! $35M is a testament to the potential of M^0’s platform. Way to go! 🌐🏦
So were moving from old, centralized systems to federated ones? How is that a big improvement?
Aiming for the moon but likely just another hyped-up flop. We’ll see where this ends up.
million for yet another stablecoin platform? When will this bubble burst?
Super excited for M^0 and their groundbreaking approach to stablecoin issuance!
The DeFi space is gonna get even more exciting with M^0’s innovations! Congrats Team! 🚀🔗
This marks a significant evolution in stablecoin and blockchain innovation! Congrats!
Big win for decentralized finance! Cant wait to see whats next for M^0!
How many more Ethereum-based protocols do we need? Getting real tired of this rinse and repeat!
Fantastic news! $35M to propel M^0s innovative platform forward!
Congratulations to the entire M^0 team! This is just the beginning!
Huge step forward for stablecoins and DeFi! M^0’s approach is impressive! 🌟💸
Stablecoins backed by U.S. Treasurys? 😕 Sounds a lot like old finance dressed up in a new outfit. 👗
Truly transformative! So excited for M^0 and their mission!
Absolutely thrilled! M^0s platform is set to redefine the stablecoin industry!
Major congratulations to M^0! Excited to see the impact on stablecoins and beyond!
Way to go M^0! This funding is a big leap towards the future of finance!
What a milestone! M^0 is set to change the game in fintech and DeFi! 🚀💸
Amazing progress! $35M funding shows the immense potential of M^0s mission!
The future of fintech looks even brighter with M^0 leading the way! Congrats!
The funds raised will surely take M^0 to new heights! Can’t wait to see the innovations! 💡💵
This just seems like a cash grab to me. Do we really need more next-gen stablecoins?
Congrats to M^0 and all the investors! Bain Capital Crypto made a smart move! 🌐💪
Yet another project with “transformative potential.” Heard this too many times already. What’s new?
Impressive! Excited to see M^0 bring its vision to life! 🚀🤑
Hats off to M^0 and their amazing journey so far. The future looks bright!