$M

Yield-Bearing Stablecoin Backed by High Quality Collateral

M^0 is the issuer of $M

Asset Overview

$M is a permissionless, immutable stablecoin that combines the benefits of digital dollars with the risk profile of physical cash. Backed by Eligible Collateral, currently short-term U.S. Treasury bills held in insolvency-remote, orphaned SPVs, $M is issued through a permissionless and immutable protocol, ensuring daily auditable reserves.

Asset Details

Asset Type	Treasuries
Agency Rating	BBB-/Baa3
TRA Rating (1-5)	3.9
Contribution to Credit Risk (0-5)	0.39
Target Weight in nRWA	10%
Est. APY	4.25%
Scorecard	View scorecard

Asset Flow

1

Issuance

M^0 tokenizes real-world assets through its platform, leveraging MXON to create stable and yield-generating instruments.

2

Custody & Wallet

MXON ensures the safekeeping and compliance of the tokenized assets.

3

SPV Operations

Crosslend structures the assets into a Special Purpose Vehicle (SPV) to ensure proper governance and operational compliance. Validator One and Chronicle Labs provide independent reviews to verify asset integrity and performance.

4

Loan Origination

Lenders facilitate funds through Nest RWA.

5

Yield Generation

Borrowers repay their loans with interest, leading to yield generation on the underlying assets.

6

Token Value Increase

Yield accrues on the underlying asset tokens, leading to an appreciation of the tokens held in the Nest RWA Vault.

About the Issuer

M^0 is a decentralized protocol enabling institutional holders of high-quality collateral to issue $M, a composable stablecoin backed by high-quality, exogenous collateral. Supports stable liquidity and modest returns from daily auditable reserves backed by short-term U.S. Treasury bills.

Sector	Credit - Private Funds
Industry	Stablecoins
Website	https://www.m0.org/