M by M0

Most stablecoins bundle minting and branding inside one company; M0 splits them apart. $M is the base dollar its protocol produces, separating the act of issuing a dollar from the brands that distribute it. Whitelisted institutional minters post short-dated US Treasury collateral into segregated vehicles, a separate set of validators attests to it onchain, and only then can $M be minted up to a collateral-defined limit, all coordinated by the TTG governance system. The M0 Foundation, a Swiss body, governs the protocol but does not itself mint the token. That structure defines the redemption right: access is institutional, limited to permissioned minters, so ordinary users cannot mint or redeem directly and instead hold $M or the branded coins built on top of it. It spans Ethereum, Solana, Arbitrum, Optimism and other chains, positioned as neutral dollar plumbing beneath issuers like MetaMask's mUSD.