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

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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.

The project’s website

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.

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