The integration will allow developers and DeFi consumers to seamlessly utilize $M and Smart $M across a variety of blockchain networks.
In order to improve its multichain presence and interoperability, M^0, a decentralized infrastructure layer for the issuance of the $M stablecoin and Smart $M, its yield-bearing wrapped token, has announced a partnership with Wormhole.
M^0 will utilise the Native Token Transfer (NTT) and Wormhole Messaging infrastructure to introduce legitimate variants of $M and Smart $M on multiple blockchains. The integration will allow developers and DeFi consumers to seamlessly utilise $M and Smart $M across a variety of blockchain networks.
The $M token is intended to be neutral and self-custodial, and it is supported by real-world reserves such as U.S. treasuries.
The $M stablecoin is a more programmable and less fragmented digital representation of the US dollar due to its interoperability and transparency, as per M^0.
“The integration with Wormhole allows us to bring $M to any location where developers and consumers of digital dollar use cases are located, thereby fulfilling our commitment to make decentralized money more interoperable and less fragmented for users worldwide,” stated Luca Prosperi, President of the M^0 Foundation.
The companies intend to broaden their collaboration by developing a custom validator for Wormhole’s NTT network. This validater will capitalise on M^0’s internal validator network by enabling the interoperability platform to inherit the security of the M^0 protocol.
According to Robinson Burkey of Wormhole, the integration of M^0’s innovative stablecoin infrastructure with Wormhole’s cross-chain technology presents new opportunities for scalable and interoperable stablecoin solutions that will propel the next phase of DeFi adoption.
Bain Capital Crypto led a Series A round in June in which M^0 raised $35 million. Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X also participated.
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