M0

M0 is a protocol that decomposes stablecoin issuance into minters, validators and developers, so that applications can issue their own stablecoins and keep part of the yield instead of ceding it to issuers such as Circle. The article states that M0 just raised a $40M Series B. Minters hold eligible off-chain assets such as treasuries as collateral to mint $M0, which serves as a liquidity layer for other stablecoins rather than a stablecoin itself. The article gives mUSD, Metamask's stablecoin, as an example, where Metamask can earn $M0 on its holdings and redistribute that yield to users.