Today MXON minted the first $10 million in $M stablecoins on the Ethereum-based M^0 network. M^0 is a novel stablecoin that decentralizes the minting of stablecoins among multiple ‘minters’ and shares revenues with ‘earners’, including market makers and cryptocurrency exchanges.
Despite having multiple minters, there is only one fungible $M token. The stablecoin reserves are backed by short-dated Treasuries, avoiding exposure to the banking system by not using reverse repo or cash.
It also released the draft adopted guidance, which outlines the network’s rules.
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