Stablecoin Protocol M^0 Launches on Solana with First User Kast
M^0, an EVM protocol for stablecoin coordination, has expanded its services to Solana. The first user on this platform will be Kast, which offers banking-like services using stablecoins. M^0 aims to unify the fragmented stablecoin market.
Key points include:
- M^0 provides a stablecoin building block called $M, backed by US T-bills.
- Clients can wrap $M to launch customized stablecoins, adjusting yield and custody features.
- Kast plans to introduce two stablecoins on Solana: a payments and a savings token.
- The tokens will be swappable with other $M stablecoins and bridgeable to other ecosystems via Wormhole.
- Currently, 76% of stablecoins on Solana are Circle’s USDC, and 18% are Tether’s USDT.
- M^0 aims to challenge the dominance of these stablecoins on Solana.
- Solana's competition includes Base, operated by Coinbase, which has a revenue-sharing agreement with Circle.
Joao Reginatto, M^0’s chief strategy officer, indicated that additional companies will utilize $M for their own stablecoin projects on Solana.