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
<0.1% of USD stablecoin supply · 23rd of 70 USD stablecoins with supply
Chains
35th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
42nd of 43 USD stablecoins scanned on Ethereum
M is a USD stablecoin minted by the M0 protocol's smart contracts, with no central issuer, launched on 5 Jun 2024.
M is the base token that other branded stablecoins wrap. MetaMask USD, launched on 15 September 2025, wraps M into a non-rebasing token and sends all of M's accrued yield to a single designated recipient. M itself rebases. Only accounts that governance approves as earners accrue that yield.
M0 sells stablecoin issuance as infrastructure. Its site presents the platform in three layers: application, distribution and issuance.
The protocol documentation calls it an "immutable ERC20-compliant token at the heart of the M0 Ecosystem", carrying six decimals, and states that "the total supply of $M is exclusively controlled by the MinterGateway contract". Approved entities called Minters generate M by securing eligible collateral in off-chain special purpose vehicles. Approved Validators verify that collateral before the protocol clears the mint. Governance runs through what the glossary calls the Two Token Governor: power token holders vote on day-to-day parameters and role approvals, zero token holders hold meta-governance rights. No central issuer stands behind M: approved Minters create it through the MinterGateway contract, and the M0 Foundation states that it is not a protocol actor. The peg is to the US dollar.
The Ethereum explorer lists the contract as M by M0 with 86 holding addresses.
Sources: M0 issuer site, M0 docs, the $M token overview, M0 docs, protocol roles, M0 docs, glossary, Blockscout token API, M by M0 on Ethereum, M0 Platform GitHub, mUSD (MetaMask USD) README, M0 Foundation GitHub, EVM M extensions README, MetaMask, Introducing MetaMask USD, M0 Foundation, Website Terms of Use (sections 2.1 to 2.5)
At least 231.1M M in circulation, counting only the chains DIA could read.
DeFiLlama counts material supply on Monad ($23.8M), Noble ($1.4M), which DIA does not read yet. The figure above leaves those chains out, so it is a floor, and supply growth over 30 days or longer is not shown.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
231.1M M
<0.1% of all USD stablecoin supply, #23 of 70
Read on 2 chains. Not yet read on Monad, Noble, so this is a floor.
Ethereum 93.3% · other chains 6.7%
Ethereum215.6M M · 93.3%
Solana15.5M M · 6.7%What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 89.9% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Blockscout.
87holders on Ethereum
42nd of 43 USD stablecoins on Ethereum
| M | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 9.3% | 16.5% |
| Top 10 | 10.0% | 53.3% |
| Top 50 | 10.0% | 57.0% |
| Top 100 | 10.0% | 74.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
M's typical daily move over the last 90 days was 4.0 bps, steadier than 42 of 66 other USD stablecoins.
By default M sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much M's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
4.0 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, M's daily swings around $1 were smaller than those of 42 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| No price today | 0.8 bps | 4.0 bps | −80 bps (−0.80%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Where M is supplied in DeFi lending markets and what it earns there.
M0's address book lists deployments across 17 networks, among them Ethereum, Base, Arbitrum, Linea, BNB Chain, HyperEVM, Soneium, Plasma, Monad and Solana. On Solana, M is a Token-2022 asset that is frozen by default, bridged through a Portal program the docs describe as a fork of Wormhole's Native Token Transfer program.
Other tokens are built on M as extensions, each with its own brand and economic parameters. The audits page records separate audit rounds for mUSD in August 2025 and for the EVM and Solana extension contracts through 2025. Usual documents M inside its USD0 collateral section and describes it as a token a Minter generates by locking short term T-bills in a secure off-chain facility, which places M in the backing of USD0.
MXON was the first live minter, completing a $10 million mint of M in July 2024.
Sources: M0 docs, M0 platform contract addresses, M0 docs, Solana deployment, M0 docs, smart contract audits, Usual tech docs, M by M0 as USD0 collateral, M0 press release, MXON first live minter
M is designed to be backed by cash and money-market assets.
What counts as collateral
A November 2024 M0 research post states that short term US T-Bills remain the only eligible collateral asset. It records a governance proposal to "extend the term of US T-Bills instruments from a maximum of 90 days to a maximum of 180 days". The same post names the approved structure of that period: investment manager CrossLend GmbH in Germany, collateral storage at Asset Repository S.a.r.l in Luxembourg, custodian DEKA Bank. Superstate's USTB fund was put forward as an additional structure, with Superstate Asset Trust holding and UMB Bank as custodian. M0 describes itself there as multi-structural rather than multi-collateral: different wrappers around the same asset class.
How collateral reaches the chain
Minters must call update collateral within a governance-set interval, typically daily. The glossary states that missing it sets the on-chain collateral value to zero and incurs the penalty rate on the next update. A collateral update requires "signatures from multiple approved Validators, meeting a minimum threshold set by governance". Chronicle Labs was approved as a validator in the August 2024 governance cycle and verifies the presence, value and composition of minter collateral.
What M0 publishes
M0 publishes no periodic reserve attestation. The audits page lists smart contract audits only, spanning the protocol and TTG governance in early 2024 and later rounds for Wrapped M, the Solana deployment, the extension contracts and mUSD. 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 the Protocol API "requires authentication via API keys to access its endpoint". The chain records a collateral value signed by Validators. The T-bills themselves are held off chain.
Sources: M0 Research, expanding available collateral structures for minters, M0 docs, minting and burning, M0 docs, glossary, M0 Research, Chronicle and collateral verification, M0 Research, August governance approvals, M0 docs, smart contract audits, M0 ecosystem dashboard, M0 docs, Protocol API Network Supply query, M0 docs, Protocol API overview, M0 docs, minting and burning
Ethereum0x866a2bf4…fb36be1bmint(address,uint256)mzerokyEX9…g2S3pLJofreezeAuthoritymintAuthorityRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint
M has no central issuer. What regulators have recorded about it and how its collateral is reported.
The collateral sits off chain
The T-bills backing M are held in special purpose vehicles with bank custodians. On-chain collateral value is a figure signed by validators on a governance-set interval. If a minter stops calling update collateral, the protocol sets that minter's on-chain collateral value to zero and charges the penalty rate on the next update. The penalty formulas in the documentation cover both missed intervals and excess owed M.
Governance sets every parameter
The mint ratio, the update interval, the penalty rate, the minimum validator signature threshold, the mint delay and the approval of each minter, validator and earner are all governance-controlled. Validators hold emergency powers to freeze minters and cancel pending mint proposals.
Disclosure and concentration
86 addresses hold M on Ethereum. M0 publishes no reserve attestation. Its Protocol API returns M supply and total collateral, and the documentation states the API requires an API key. The November 2024 research post recorded the extension of eligible T-bill maturities from 90 days to 180 days as a governance proposal.
Sources: M0 docs, minting and burning, M0 docs, protocol roles, M0 docs, glossary, M0 Research, expanding available collateral structures for minters, Blockscout token API, M by M0 on Ethereum, M0 docs, Protocol API Network Supply query, M0 docs, Protocol API overview
A November 2024 M0 research post states that short term US T-Bills remain the only eligible collateral asset. The bills are held in off-chain special purpose vehicles with bank custodians. The same post named CrossLend GmbH as investment manager, Asset Repository S.a.r.l in Luxembourg as collateral storage and DEKA Bank as custodian.
M0 publishes no periodic reserve attestation, and its audits page lists smart contract audits only. Its public dashboard shows stablecoin supply, and its Protocol API returns M supply and total collateral reported onchain through the MinterGateway.
Approved minters secure eligible collateral in off-chain special purpose vehicles and call update collateral within a governance-set interval, typically daily. The documentation states that a collateral update requires signatures from multiple approved validators above a governance-set threshold. A proposed mint can be executed only after a governance-set mint delay, during which validators can cancel it.
M0's address book lists deployments across 17 networks, including Ethereum, Base, Arbitrum, BNB Chain, HyperEVM, Plasma and Solana. On Solana it is a Token-2022 asset bridged through a Portal program forked from Wormhole's Native Token Transfer program. The Global Stablecoin Map reads supply on Ethereum and Solana.
40 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: Blockscout, Ethereum Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -100 bps to +50 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 1 close sits beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
Source: DeFiLlama and CoinGecko prices Updated