Decentralized Stablecoin Minting Protocol M^0 Raises $35 Million in Series A Funding
- M^0 raised $35M in Series A funding led by Bain Capital Crypto.
- Investors include Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X.
- Equity plus tokens structure with governance tokens POWER and ZERO issued.
- M^0 is a stablecoin minting protocol overcollateralized by U.S. Treasuries.
- Reserves held in bankruptcy-remote vehicles managed by separate operators.
- M^0 team led by former MakerDAO and Circle employees, expanding across functions.
Summary :
Decentralized stablecoin minting protocol M^0 has raised $35 million in a Series A funding round led by Bain Capital Crypto. Other investors in the round included Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X. The funding round, which began in January and closed in May, involved the issuance of governance tokens POWER and ZERO to investors. M^0's total funding now stands at $57.5 million. M^0 is a stablecoin minting protocol based on Ethereum that requires permission from the protocol's governance to create a stablecoin called M. The protocol has been deployed on the Ethereum mainnet and will go live soon. M^0 also plans to expand to other Layer 1 and Layer 2 networks in the future. The stablecoin's reserves must be held in bankruptcy-remote vehicles managed by separate special purpose vehicle operators. The reserves will be validated and published daily by approved validators. M^0 aims to connect other stablecoin issuers to its network, and the team is led by former employees of MakerDAO and Circle. Bain Capital Crypto has taken a board seat at M^0 as part of the Series A round.
Sources :
- TheBlock
