USD-pegged · fiat-backed · #30 by USD value
M by M0 (M) is a USD-pegged fiat-backed stablecoin, backed by tokenized us treasuries (m0). It currently ranks #30 among tracked stablecoins by circulating supply, and is deployed across 8 blockchains. Data is updated daily at 00:00 UTC from DefiLlama.
| Chain | Share | Supply |
|---|---|---|
| Ethereum | 90.4% | $278.5M |
| Solana | 5.0% | $15.5M |
| Monad | 3.3% | $10.0M |
| Noble | 1.0% | $3.0M |
| Hyperliquid L1 | 0.3% | $1.0M |
| Arbitrum | 0.1% | $165,645 |
| OP Mainnet | 0.0% | $13 |
| Plume Mainnet | 0.0% | $0 |
M by M0 (M) is a USD-pegged stablecoin backed by tokenized us treasuries (m0). Its peg mechanism is fiat-backed, and it currently ranks #30 among tracked stablecoins by circulating supply.
M has a circulating supply of $308.3M (USD equivalent). Data updates daily at 00:00 UTC from DefiLlama.
M is backed by Tokenized US Treasuries (M0). This means holders' claims are collateralized in that form, with reserves reported by the issuer.
M is deployed across 8 blockchains, with Ethereum holding the largest share of supply. See the Chain Distribution section on this page for the full breakdown.
M shares a USD peg with USDT and USDC — the market's two largest stablecoins — but differs in issuer, backing composition, and typical use cases. USDT and USDC together account for the majority of USD stablecoin supply; M ranks #30.
| Full Name | M by M0 |
| Symbol | M |
| Peg | USD |
| Peg Mechanism | fiat-backed |
| Backing | Tokenized US Treasuries (M0) |
| Chains Deployed | 8 |
| CoinGecko | View on CoinGecko → |
| Data Source | DefiLlama → |
| Last Updated | 2026-07-27 · refreshes daily 00:00 UTC |