---
title: "Wrapped M (wM) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/wm-m0/"
description: "Build-time stablecoin profile for Wrapped M (wM). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Wrapped M (wM)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

wM is M0's non-rebasing ERC-20 wrapper over M, backed by short-term U.S. {{term:treasury}}Treasury{{/term}} bills in bankruptcy-remote SPVs — holders forfeit the yield, which routes to TTG-approved earner accounts. wM is the non-rebasing wrapper that turns M0's {{term:yield-bearing}}yield-bearing{{/term}} {{term:treasury}}Treasury{{/term}}-bill token into something a normal ERC-20 contract can hold without breaking — and the price of that convenience is that holders volunteer to forfeit the yield. Underneath sits the same 30-to-90-day {{term:treasury}}Treasury{{/term}} bills, the same bankruptcy-remote SPVs, the same Validator {{term:attestation}}attestation{{/term}} as M itself, but the WrappedMToken contract routes all accrued yield to TTG-approved earner accounts (read: the downstream M0 ecosystem — USDat, USDSC, ctUSD, mUSD, USD0, and friends) via claimExcess(), leaving wM holders with a flat dollar that does nothing. There is no blacklist, no freeze, no pause function — a refreshingly minimal surface for a centralized stablecoin built on {{term:rwa}}RWA{{/term}} collateral — and wrap/unwrap are open and free, so the peg holds by pure arbitrage against M. At roughly $93M in circulation across Ethereum, Arbitrum, Plume, and Solana, wM is the composability primitive the entire M0 ecosystem builds on top of: nobody is meant to hold it directly, everyone is meant to hold something built from it. It is the cleanest expression of M0's thesis that yield belongs to whoever bothers to put the dollar to work, not to whoever happens to be holding it when the music stops.

## Collateral

Underlying M (M0 Protocol) is backed 100% by short-term U.S. Treasury bills (30–90 day WAM) held in bankruptcy-remote SPVs by permissioned Minters; M0 Validators independently attest collateral sufficiency on-chain before any M can be minted, and wM holds M 1:1 inside the Wrapped M Token contract

## Peg Mechanism

Non-rebasing 1:1 ERC-20 wrapper around M: anyone can call wrap() to deposit M and mint wM, or unwrap() to redeem wM back to M at any time without fees or queues; wM holders are non-earning by default, so yield accrued by the underlying M is redirected via TTG-approved earner accounts and the claimExcess() mechanism to ecosystem yield recipients (downstream M0 extensions and apps), leaving wM as a flat USD-denominated unit

## Jurisdiction

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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x437cc33344a0b27a429f795ff6b469c72698b291` | 6 |
| arbitrum | `0x437cc33344a0b27a429f795ff6b469c72698b291` | 6 |
| plume | `0x437cc33344a0b27a429f795ff6b469c72698b291` | 6 |
| solana | `mzeroXDoBpRVhnEXBra27qzAMdxgpWVY3DzQW7xMVJp` | 6 |

## Live Data

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