[Serenity Premium] RWA Stablecoin Series: $M by M^0 Foundation [Initial Review Jan 2025]

A few weeks ago we covered Usual's USD0, the largest RWA-backed stablecoins today. In this field, there are a number of other new players, not often in the spotlight, but provide decent yield. In this RWA stablecoin article series, we will cover some of them: $rUSD by Reservoir, $mBASIS by Midas, and $M by M^0 Foundation, etc., analysizing their mechanism, unveiling the risks behind the returns.

Above picture by DALL-E.

$M by M^0 Foundation

$M is the T-Bill backed stablecoins issued by M^0 Foundation. Currently, it holds $109m T-bills, backing 106m $M in circulation. M Foundation brands itself as not only a stablecoin issuer, but a middleware to facilitate institutions to issue cryptodollars. It received a $35m investment from Bain Capital Crpyto, alongside Galaxy Ventures, Wintermute Ventures and GSR. In 2023, it was seeded by Pantera Capital with $22.5m.

The RWA Structure