Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin. At least this much: 2 of 4 chains read
Share of total stablecoin supply
#22 of 98 issuers by supply
Stablecoins minted
median issuer: 1
Chains
read onchain, #61 of 98 issuers; 4 with material supply
Founded
M is minted through the M0 protocol by approved minters. The M0 Foundation supports the protocol and is not a protocol actor.
What sets it apart
The M0 Foundation does not mint M. Permissioned institutions called Minters create it against offchain collateral, under rules set by onchain governance. The Foundation's terms of use say it is not a protocol actor, does not control governance and cannot permission or remove Minters. The same terms say the protocol was deployed by an entity unaffiliated with and independent from the Foundation.
Who it is
The M0 Foundation is a foundation established under Swiss law and domiciled in Zug. It owns and operates the m0.org website and the interface used to vote on governance proposals. Its stated purpose is to promote and support the M0 ecosystem, the protocol and related technologies.
How the protocol is run
Two tokens govern it. POWER holders vote to approve Minters, Validators and Earners and to set rates and collateral ratios. ZERO holders vote on fundamental changes and can claim a share of protocol revenue. M0 now describes itself as modular stablecoin infrastructure: builders design branded stablecoins on top, and qualified financial institutions can run M0's Stablecoin Core software to issue them.
Sources: M0 Foundation, Website Terms of Use (sections 2.1 to 2.5), M0 docs, Roles (Minters, Validators, POWER and ZERO holders), M0 docs, About M0, M0 docs, Issuers overview (Stablecoin Core)
M is M0's only stablecoin.
M's supply, counted once across its chains.
Supply of every coin of the M0 protocol, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$215.6M
Read on 2 chains, all in the total
Ethereum93%$201.2M
Solana7%$14.4MM's typical daily move over the last 90 days was 4.0 bps.
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | 90d | Largest |
|---|---|---|
| 4.0 bps | −80 bps (−0.80%) |
What is published
M0's documentation says each M is backed 1:1 by approved collateral. Minters report their collateral value onchain through the MinterGateway contract. Each update needs signatures from a governance-set minimum number of approved Validators. The documented update interval is 30 hours. A governance-set mint ratio caps outstanding M against verified collateral. Governance approved Chronicle Labs in the August 2024 voting cycle as an independent Validator verifying collateral balances for Minters. Seven firms and one independent auditor reviewed the protocol and governance smart contracts between December 2023 and April 2024.
M0 runs a public ecosystem dashboard at dashboard.m0.org that shows the supply of stablecoins built on M0. The Protocol API's Network Supply query returns current M supply and total collateral. The documentation states that the Protocol API requires an API key.
Sources: M0 docs, Minting and Burning (MinterGateway), M0 docs, Roles (collateral update interval), M0 research, August governance approvals summary (Chronicle Labs as Validator), M0 docs, Audits, M0 ecosystem dashboard, M0 docs, Protocol API Network Supply query, M0 docs, Protocol API overview (API key required)
M is the base token of the M0 protocol. The M0 Foundation does not issue it. M is pegged to the US dollar. M0 announced in June 2024 that the core protocol and governance contracts were live on Ethereum mainnet. The first $10 million mint, by the Minter MXON, was announced in July 2024.
M has two balance types. Ordinary balances stay fixed. Addresses that governance approves as Earners hold balances that grow continuously at the earner rate. For DeFi protocols that cannot handle a rebasing token, M0 publishes Wrapped M (wM), a non-rebasing wrapper whose yield is claimed explicitly. Wrapped M has no separate page on the map. The map covers M on Ethereum and Solana.
Sources: M0 docs, M Token, M0 docs, Wrapped M (wM), M0 research, system launch announcement (5 June 2024), M0 press release, MXON first live Minter and first $10 million mint, M0 Foundation, Website Terms of Use (sections 2.1 to 2.5)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
