WrappedM by M^0
$0.9996
STRICT-Score
Max. Potenzial
1x
Potenzieller Ertrag
Wahrscheinlichkeit
90%
Erfolgschance
Risikoniveau
3/10
Niedriges Risiko
Marktkapitalisierung
$781.98M
Volumen
$125.73K
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
WrappedM (wM) is a non-rebasing ERC-20 wrapper for M^0 protocol's M stablecoin, designed for seamless DeFi integration. The underlying M token is backed 1:1 by U.S. Treasury bills held in bankruptcy-remote SPVs with 104% overcollateralization. M^0 has raised $100M total funding including a $40M Series B in August 2025 led by Polychain and Ribbit Capital, with network supply exceeding $300M (215% growth since January 2025). The protocol currently offers approximately 5% yield to approved earners, roughly tracking the Federal Funds rate.
Investitionsthese
WrappedM provides institutional-grade stablecoin infrastructure with native yield capabilities, targeting the growing demand for yield-bearing stable assets in DeFi. Unlike traditional stablecoins where issuers retain all Treasury yield, wM enables programmable yield distribution to integrators and end users through M^0's innovative permissioned architecture. The protocol's partnerships with MetaMask (mUSD), Noble (USDN), Usual (USD0 which reached $1B+ market cap), and KAST demonstrate strong adoption among major DeFi builders seeking custom stablecoin solutions. With 104% overcollateralization by short-term U.S. Treasury bills, independent validator verification, and founding team credentials from MakerDAO and Circle, wM offers a compelling alternative to zero-yield stablecoins for yield-seeking capital requiring institutional-grade security.
Wettbewerbsposition
M^0 occupies a unique position as "layer zero" stablecoin infrastructure, enabling other projects to build custom stablecoins rather than competing directly with USDC or USDT. Key differentiators include programmable yield distribution, overcollateralized T-bill backing, and federated issuance model. Usual's rapid growth to $1B+ market cap demonstrates demand for M^0 infrastructure. Competition comes from other yield-bearing stablecoins like sDAI and USDY, but M^0's B2B focus on enabling custom stablecoin issuance creates a defensible moat.
Fazit
WrappedM represents a technically sound yield-bearing stablecoin wrapper built on M^0's institutional-grade infrastructure. With T-bill backing, 104% overcollateralization, and backing from tier-1 crypto investors, wM offers reliable dollar exposure with ~5% yield potential for DeFi applications. Best suited for users and protocols seeking yield-bearing stablecoin exposure without sacrificing security or decentralization.
Stärken
- Backed by short-term U.S. Treasury bills with 104% overcollateralization ratio and independent validator verification
- Founded by MakerDAO and Circle veterans (Luca Prosperi, Gregory Di Prisco, Oliver Schimek) with deep stablecoin expertise
- $100M total funding from tier-1 investors including Pantera, Polychain, Ribbit Capital, and Bain Capital Crypto
- Innovative yield distribution model gives integrators programmatic control over ~5% APY distribution
- Multi-chain expansion including Ethereum, Arbitrum, and Solana with major partnerships (MetaMask, Usual, Noble)
Risiken
- Wrapper token adds smart contract risk layer on top of underlying M token mechanics
- Regulatory uncertainty around yield-bearing stablecoins may impact future operations or US accessibility
- Relatively new protocol (launched 2024) lacks the battle-tested track record of USDC or DAI
- Lower liquidity and trading volume compared to established stablecoins limits large position exits
STRICT-Score
Bewertung: 78/100 | Potenzial: 1x
Verwandte im gleichen Sektor - Stablecoin
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Haftungsausschluss: Diese Analyse dient nur zu Informationszwecken und sollte nicht als Finanzberatung betrachtet werden. Führen Sie immer Ihre eigene Recherche durch, bevor Sie Anlageentscheidungen treffen. Investitionen in Kryptowährungen sind volatil und mit erheblichen Risiken verbunden.