# M / wM — M^0
> **Type:** Factsheet — Collateral Asset | **Squad:** Usual | **Status:** Draft | **Stream:** BD **Last updated:** 2026-02-16
***
## Executive Summary
$M is the base stablecoin of the M^0 protocol. It is minted by permissioned Minters against off-chain eligible collateral (typically US Treasury bills held in special-purpose vehicles) and validated by an independent set of Validators. $M supports two balance modes: non-earning (standard ERC-20) and earning (rebasing) for addresses approved by governance. Earner balances grow continuously via the protocol's rate model, while Minters pay interest; the design guarantees that total earner interest never exceeds 98% of total minter interest.
WrappedM (wM) is a non-rebasing ERC-20 wrapper around $M. It preserves the yield capability of $M while using static balances and claimable yield, making it compatible with DeFi protocols that do not handle rebasing tokens. Within the Usual Protocol ecosystem, M (via the UsualM wrapper at `0x4Cbc25559DbBD1272EC5B64c7b5F48a2405e6470`) serves as an active collateral asset for USD0, representing a meaningful share of the diversified collateral base alongside Hashnote USYC, Spiko USTBL, and USDC.
***
## Key Facts
| Parameter | Detail |
| ----------------------- | -------------------------------------------------------------------------------------------------------------------- |
| **Project** | M^0 -- the universal stablecoin platform |
| **Tokens** | $M (rebasing for approved earners); wM (non-rebasing wrapper with claimable yield) |
| **Backing** | Off-chain eligible collateral (US T-Bills in SPVs) with on-chain attestations by Validators |
| **Collateralization** | Governance-set mint ratio enforces over-collateralization |
| **Yield engine** | Dual rate model: Minters pay a minter rate; Earners receive an earner rate (capped at 98% of the provably safe rate) |
| **Decimals** | 6 (both $M and wM on Ethereum) |
| **Multichain** | Hub on Ethereum; live on Arbitrum, Optimism, Plume, Solana |
| **Bridging** | M Portals (Wormhole NTT or Hyperlane): hub lock/release, spoke mint/burn |
| **Audits** | Quantstamp, Three Sigma, Certora, Chainsecurity, OpenZeppelin, Halborn, Ottersec |
| **Usual Protocol role** | Active USD0 collateral (wrapped as UsualM) |
***
## Investment Mandate & Portfolio
* **Collateral type:** Eligible collateral, typically US Treasury bills held in bankruptcy-remote special-purpose vehicles (SPVs).
* **Minting mechanism:** Permissioned Minters report verified off-chain collateral to the MinterGateway smart contract. Collateral must remain above the governance-set mint ratio, with updates at specified intervals (e.g., 30 hours).
* **Validation:** Independent Validators co-sign collateral updates and retain the ability to freeze Minters or cancel mints.
* **Yield:** Continuous indexing maintains synchronized indexes for Minters (debt) and Earners (rebasing balances). The EarnerRateModel guarantees that total earner interest does not exceed 98% of total minter interest over a defined confidence window.
***
## Subscriptions / Redemptions (Primary)
| Parameter | Detail |
| ----------------------------------- | ----------------------------------------------------------------------- |
| **Institutional (primary)** | Direct with Minters via KYB; zero-slippage primary flows in USD or USDC |
| **On-chain (retail / integrators)** | Acquire $M or wM on DEX pools and wrap/unwrap as needed |
| **Wrapping** | $M can be wrapped into wM at any time; wM can be unwrapped back to $M |
***
## Fees
| Fee type | Detail |
| ------------------ | -------------------------------------------------------------------------------------------------- |
| Protocol rates | Minters pay the minter rate; Earners receive the earner rate (capped at 98% of provably safe rate) |
| Spread | Excess yield + penalties accrue to the Distribution (TTG) Vault |
| wM integrator fees | Optional fee (bps) on claimed yield |
***
## Addresses & Oracles
**Ethereum mainnet:**
```
M Token ($M)..................... 0x866A2BF4E572CbcF37D5071A7a58503Bfb36be1b
Wrapped M (wM)................... 0x437cc33344a0B27A429f795ff6B469C72698B291
MinterGateway.................... 0xf7f9638cb444D65e5A40bF5ff98ebE4ff319F04E
EarnerRateModel.................. 0x26d01A2c91f6529aD72d2C27a03d963CAb90dFfd
MinterRateModel.................. 0xcA144B0Ebf6B8d1dDB5dDB730a8d530fe7f70d62
TTG Registrar.................... 0x119FbeeDD4F4f4298Fb59B720d5654442b81ae2c
Distribution (TTG) Vault......... 0xd7298f620B0F752Cf41BD818a16C756d9dCAA34f
Hub Portal....................... 0xD925C84b55E4e44a53749fF5F2a5A13F63D128fd
```
**Usual Protocol wrapper:**
```
UsualM (Wrapped M for Usual)..... 0x4Cbc25559DbBD1272EC5B64c7b5F48a2405e6470
```
Full deployments for Arbitrum, Optimism, Plume, Solana:
***
## Governance & Security
* **Two-Token Governance (TTG):**
* **POWER:** Standard and emergency governance (operational parameters, lists, rates).
* **ZERO:** Meta-governance plus claim on Distribution Vault revenues.
* **Governance operates on fixed 15-day epochs.**
* **Audits:** Quantstamp, Three Sigma, Certora, Chainsecurity, OpenZeppelin, Halborn, Ottersec, and others.
***
## Key Risks (Summary)
* **Collateral and attestation risk:** Off-chain collateral depends on Minters and Validators operating correctly and honestly. Collateral verification is not fully on-chain; it relies on attestation and validation infrastructure.
* **Governance risk:** Protocol parameters (mint ratio, rates, approved lists) are governed by TTG. Misconfiguration or governance attacks could affect yields, collateralization ratios, or minter/earner approvals.
* **Bridging / multichain risk:** Hub-and-spoke bridging via M Portals introduces bridge security assumptions and potential cross-chain coordination risks.
* **Wrapper mechanics risk (wM):** wM relies on earnings approvals and rounding rules. The solvency invariant (all wM liabilities fully backed by $M in the wrapper) must hold at all times.
* **Counterparty risk:** Dependence on Minters (institutional counterparties) to maintain collateral levels and update attestations on schedule.
***
## Quick Links
* $M Token (overview):
* WrappedM (overview):
* Rates & Yield Models:
* Collateral System:
* M Portals (multichain):
* Deployments (addresses):
* Audits:
* Disclosures:
***
## Disclaimer
This factsheet is informational and does not constitute investment, legal, or tax advice. $M and wM are components of the M^0 protocol with eligibility and governance constraints. Always verify addresses on the official Deployments page and consult the Disclosures and primary documentation before interacting.
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