Former members of the MakerDAO and Circle teams will launch the M ^ 0 protocol for issuing stablecoins
The project raised $22,5 million led by Pantera Capital
09.02.2024 - 14:55
213
2 min
0
What’s new? Details have been released about the M ^ 0 protocol, which will allow global institutions to issue decentralized stablecoins backed by US Treasury bonds and interoperable with each other. The CEO of M ^ 0 Labs is Luca Prosperi, who was a member of the community of the decentralized MakerDAO platform for issuing DAI stablecoins. The position of Chief Strategy Officer of M^ 0 Labs is held by Joao Reginatto, former Vice President of Circle, which issues the second most capitalized USDC stablecoin.
What else is known? Last year, the project raised $22,5 million in a seed round of funding led by investment firm Pantera Capital, which previously backed the Ethereum-based L2 Mantle Network, the interoperable L1 blockchain Injective Protocol, and the decentralized lending protocol MetaLend.
According to Prosperi, M ^ 0 is targeting a $5 trillion to $20 trillion offshore market. The protocol will be launched in the second quarter of this year. The first users are expected to be cryptocurrency-friendly institutions, market makers, and funds investing in the decentralized finance (DeFi) sector.
The company noted that it is not targeting banks as its primary customers, the protocol is positioned as an improved alternative to the traditional banking system.
M^ 0 provides a complete set of tools for creating and managing dollar-based assets that are more than 100% backed by GKOs. The platform’s infrastructure allows for the creation of stablecoins by an unlimited number of institutions, while customizing coin parameters for use in specific jurisdictions to meet regulatory requirements.
Last year, the Ripple protocol developer company launched its platform for the release of CBDCs. The authorities of Palau used it to release the PSC stablecoin.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$90 279
BTC
+0.63%
-
Ethereum
$3 139.45
ETH
+2.31%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.12
XRP
+4.87%
-
Dogecoin
$0.371223
DOGE
+2.15%
-
Cardano
$0.736479
ADA
+4.32%
-
Bitcoin Cash
$447.97
BCH
+4.08%
-
Polkadot
$5.98
DOT
+10.76%
-
Stellar XLM
$0.23412
XLM
+17.35%
-
Litecoin
$88.19
LTC
+1.47%