Quick take:
- The company will use the Wormhole Messaging and Native Token Transfer (NTT) infrastructure, to introduce official versions of $M and Smart $M on multiple blockchains.
- Designed to be neutral and self-custodial, the M token is backed by real-world reserves like U.S. treasuries.
- M^0 and Wormhole will also collaborate to develop a custom validator for Wormhole’s NTT network.
M^0, a decentralised infrastructure layer for the issuance of the $M stablecoin and Smart $M, its yield-bearing wrapped token has announced a collaboration with Wormhole to enhance its multichain presence and interoperability.
M^0 will leverage the Wormhole Messaging and Native Token Transfer (NTT) infrastructure, to introduce official versions of $M and Smart $M on multiple blockchains. The integration will enable developers and DeFi users to seamlessly use $M and Smart $M across various blockchain networks.
Designed to be neutral and self-custodial, the $M token is backed by real-world reserves like U.S. treasuries.
According to M^0, the $M stablecoin’s interoperability and transparency make it a more programmable and less fragmented digital representation of the US dollar.
“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.
The companies plan to expand the collaboration including working on a custom validator for Wormhole’s NTT network, leveraging M^0’s internal validator network by allowing the interoperability platform to inherit the security of the M^0 protocol.
Robinson Burkey at Wormhole commented: “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.”
In June, M^0 raised $35 million in a Series A round led by Bain Capital Crypto and with participation from Galaxy Ventures, Wintermute Ventures, GSR, Caladan and SCB 10X.
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