M by M0 (M) is a fiat-backed US dollar stablecoin. It has about $201M in circulation, ranking #37 among the stablecoins CoinScoop tracks, and runs on 5 blockchains.
What is M?
M by M0 (M) is a fiat-backed US dollar stablecoin. It has about $201M in circulation, ranking #37 among the stablecoins CoinScoop tracks, and runs on 5 blockchains.
In the issuer's words: M^0 democratizes access to money issuance infrastructure. Based on a decentralized architecture and best-in-class collateral design, M^0 allows institutions to issue fungible cryptodollars.
M supply history
M supply grew 9.5% over the past 30 days, to $201M. Its peak was $943M in November 2025, and supply is 79% below that high.
Is M holding its peg?
M is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where M lives: supply by blockchain
Supply is concentrated: Ethereum holds 91% of all M. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How M is backed
Each M is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: In order to generate M, Minters must have a sufficient off-chain balance of Eligible Collateral which is represented on-chain by a frequently updated and validated number, known as the on-chain Collateral Value.
M risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
M vs USDT and USDC
Similar fiat-backed stablecoins
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M FAQ
What is M?
M by M0 (M) is a fiat-backed US dollar stablecoin. It has about $201M in circulation, ranking #37 among the stablecoins CoinScoop tracks, and runs on 5 blockchains.
Is M pegged 1:1 to the US dollar?
M targets 1 USD. At the last update it traded at $0.9976, a deviation of -0.24%, which we classify as "on peg".
What backs M?
M is a fiat-backed stablecoin. Each M is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is M on?
M is live on 5 blockchains. The largest by supply are Ethereum ($184M), Solana ($15.5M), Noble ($1.5M).
How much M is in circulation?
About $201M of M was in circulation at the last update, +9.5% over 30 days. That makes it the #37 stablecoin by supply among those we track.
Is M safe?
No stablecoin is risk-free. As a fiat-backed design, M's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.