A cryptocurrency protocol called M^0 has built decentralized infrastructure that allows any institution to mint stablecoins backed by U.S. Treasuries. Today, it's announcing both a $35 million Series A raise and the deployment of the layer atop Ethereum.
Decentralized finance continues to face the issue of how to attract the type of liquidity afforded legacy finance. M^0 is an on-chain protocol—the term for a set of rules that govern how data is transmitted between entities on a blockchain—that wants to solve this. To do so, it's created a solution that, if successful, could create a global network for institutions to mint, in the words of M^0, "cryptodollars," which are leveraged by their assets.
