PANews reported on June 5 that according to Fortune, the cryptocurrency protocol M^0 announced the completion of a $35 million Series A financing and will deploy its layered structure on Ethereum. The financing was led by Bain Capital, and other supporters include Galaxy Ventures, Wintermute Ventures and GSR. M^0 aims to bring greater liquidity to the stablecoin market by enabling any institution to mint stablecoins backed by U.S. Treasuries through decentralized infrastructure.
M^0 aims to create a global network that makes minted stablecoins "look the same, smell the same, are fully fungible," and operate independently of the traditional financial system. The protocol previously raised $22.5 million in a seed round led by Pantera Capital in early 2023.
