The stablecoin platform M0 has raised a $40 million Series B funding round from Polychain Capital, Ribbit Capital, Endeavor Catalyst fund and some existing backers. This brings the total funding to $100 million. It follows the recent announcements that the Metamask wallet has launched a stablecoin using M0, in a collaboration involving Stripe-owned Bridge.
M0 is not an issuer. It’s a distributed platform to enable the issuance of customized M0 stablecoins. While Circle’s USDC had envisioned multiple issuers via the Centre Consortium, that never transpired. In just a year since launch, M0 already has four live stablecoins, with a total issuance of $325 million. It doesn’t simply support multiple issuers with identical coins. Each issuer can customize the coin, essentially wrapping the base M0 coin and adding on their own features.
“We want to empower the builders of great fintech products to actually control the digital dollar stack they utilize. The current incarnation of stablecoin technology isn’t fit for that purpose.” said Luca Prosperi, Co-founder and CEO of M0.
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