---
title: "M by M0 (M) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/m-m0/"
description: "Build-time stablecoin profile for M by M0 (M). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# M by M0 (M)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Institutional dollar stablecoin minted 1:1 by permissioned issuers against short-term U.S. T-bills in bankruptcy-remote SPVs, with on-chain validator attestations replacing periodic audits; institution-facing liquidity offset by issuer redeemability. M0's M token is backed 100% by short-term {{term:treasury}}T-bills{{/term}} in bankruptcy-remote SPVs — a pristine reserve that earns a perfect peg score, yet the overall safety grade sits at C: the redeemability backstop and clean collateral are dragged down by centralized governance and institutional-unregulated {{term:custody}}custody{{/term}}. The tension is the familiar one: direct M liquidity stays institution-facing rather than pooled on DEXes, so Pharos leaves it unrated on liquidity, but eventual {{term:redemption}}redemption{{/term}} gives the token a stronger exit profile than spot depth alone would suggest. Permissioned Minters lock T-bill collateral while Validators cryptographically attest sufficiency on-chain, a trust architecture that swaps auditor snapshots for protocol-level verification — elegant, but it concentrates control in a permissioned issuer set, which is exactly what holds the grade down. M's significance is downstream: it anchors the M0 infrastructure cohort that powers Noble's USDN, MetaMask's mUSD, USD.AI's USDai, Usual's USD0, and wrapped M integrations.

## Collateral

Short-term U.S. Treasury bills (30–90 day) held in bankruptcy-remote SPVs by permissioned Minters; Validators independently attest collateral sufficiency on-chain before minting

## Peg Mechanism

Permissioned Minters lock eligible T-bill collateral in bankruptcy-remote SPVs; Validators cryptographically attest off-chain collateral sufficiency, enabling on-chain minting of M 1:1 against attested reserves; POWER token holders govern eligible collateral and Minter/Validator permissions

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Switzerland | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| optimism | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| arbitrum | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| base | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| solana | `mzerokyEX9TNDoK4o2YZQBDmMzjokAeN6M2g2S3pLJo` | 6 |
| hyperevm | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| plume | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| bsc | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| linea | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| soneium | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| citrea | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| sei | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| mantra | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| plasma | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |
| monad | `0x866a2bf4e572cbcf37d5071a7a58503bfb36be1b` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/m-m0.