Wormhole integration boosts cross-chain compatibility for M^0
M^0, a decentralized infrastructure layer, has announced a collaboration with Wormhole to enhance the multichain presence and interoperability of the stablecoin $M. This partnership aims to make decentralized money more interoperable and less fragmented for users worldwide.
According to Luca Prosperi, President of the M^0 Foundation, this collaboration delivers on the promise to provide a more programmable and less fragmented digital representation of the US dollar. Developers and DeFi users will be able to use $M and Smart $M across various blockchain networks seamlessly.
Robinson Burkey, at Wormhole, commented on the expanded collaboration. He highlighted the potential of the collaboration to unlock new possibilities in DeFi. The integration with Wormhole is expected to bring $M to where developers and users of digital dollar use cases are.
Wormhole provides a modular product suite that includes Mayan Swift for fast, auction-based cross-chain asset transfers, the Wormhole Liquidity Layer that uses Solana as a coordination hub, and Mayan MCTP as a fallback token transfer protocol. Together, this infrastructure allows $M stablecoin creators on M^0 to deploy stablecoins and execute transactions across 30+ blockchains.
M^0's internal validator network will be leveraged in this expanded collaboration. The custom validator will allow the interoperability platform to inherit the security of the M^0 protocol. The $M token, backed by real-world reserves like U.S. treasuries, remains a more programmable and less fragmented digital representation of the US dollar.
The combination of Wormhole's cross-chain technology and M^0's stablecoin infrastructure opens up possibilities for scalable and interoperable stablecoin solutions, driving DeFi adoption. The collaboration aims to enhance M^0's multichain presence and interoperability, bringing new opportunities for developers and users of digital dollar use cases.
This integration will allow the introduction of official versions of $M and Smart $M on multiple blockchains. M^0 will use Wormhole's Messaging and Native Token Transfer (NTT) infrastructure. In June, M^0 raised $35 million in a Series A round, with Bain Capital Crypto leading the investment and participation from Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X.
[1] M^0 Foundation. (n.d.). M^0 x Wormhole Collaboration. Retrieved from https://m0.foundation/blog/m0-x-wormhole-collaboration/ [2] Wormhole. (n.d.). Wormhole. Retrieved from https://wormholecrypto.com/ [4] M^0 Foundation. (n.d.). M^0: The Decentralized Infrastructure Layer for Stablecoins. Retrieved from https://m0.foundation/
- This collaboration between M^0 and Wormhole, as detailed in the M^0 x Wormhole Collaboration post, aims to bring the news of $M stablecoin's expanded presence across multiple blockchains, thanks to Wormhole's cross-chain technology, thereby strengthening M^0's interoperability in the world of technology.
- In the digital technology sphere, the integration of M^0's stablecoin infrastructure with Wormhole's product suite, including Mayan Swift and the Wormhole Liquidity Layer, promises to unlock new opportunities for scalable and interoperable stablecoin solutions, ultimately driving DeFi adoption and making $M a more programmable and less fragmented digital representation of the US dollar.
