- M^0 secured $35 million in Series A funding led by Bain Capital Crypto, with contributions from Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X.
- M^0's platform issues stablecoins pegged to high-quality assets like U.S. Treasury instruments and launched its main net on Ethereum with a native governance system on June 4.
- According to M^0 Foundation president Luca Prosperi, stablecoins have vast potential in decentralized finance and remittances despite the industry's immaturity.
Decentralized infrastructure firm M^0 has raised $35 million in its Series A funding round to support its platform for issuing stablecoins.
The round was led by Bain Capital Crypto, with participation from Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X.
Alongside the funding announcement, M^0 launched its mainnet on the Ethereum blockchain and introduced its native governance system on June 4.
M^0’s platform enables institutional clients to use stablecoins pegged to high-quality assets such as United States Treasury instruments.
This process, akin to asset tokenization, allows institutional investors to convert their holdings into digital tokens, with stablecoins being the most popular token type.
Unlike MakerDAO’s stablecoin DAI, which uses digital coins and tokens frozen in smart contracts to back its issuance, M^0 focuses on tokenizing high-quality physical assets. The M^0 team includes former members of MakerDAO and Circle.
Stefan Cohen, a partner at Bain Capital Crypto, expressed confidence in the growing role of stablecoins, predicting they will become a crucial asset for settlement on public ledgers.
He anticipates the market could expand to trillions of dollars within the next decade.
Luca Prosperi, president of the M^0 Foundation, highlighted the significant potential of stablecoins in decentralized finance (DeFi) and remittances.
While he acknowledges that the stablecoin industry is still maturing, he believes it has the potential to revolutionize the financial system.
M^0 received $22.5 million in seed funding from Pantera Capital in 2023 and aims to overhaul the current monetary system with a less centralized approach using crypto dollars.
Despite the challenges facing stablecoins, Prosperi remains optimistic about their future importance in finance.
Edited By Annette George
