Twenty stablecoins: a year of M0 extensions

USD.ai, built by Permian Labs, is a synthetic-dollar and credit protocol financing AI infrastructure by lending against GPU hardware collateral. It raised a $13M Series A led by Framework Ventures (Aug 2025) and filled ~$500M in deposit caps within days in September 2025 — one of the largest M0-powered dollars.

USDai is the non-yield-bearing dollar backed primarily by M. Stakers convert USDai to sUSDai, whose yield comes from loans to AI/GPU operators; GPUs are tokenized via the CALIBER framework as UCC-law onchain warehouse receipts. Runs on Arbitrum with strategic expansion to Plasma.

• Filled $500M of deposit caps by Sept 11, 2025
• CALIBER cuts loan approval time by 90%+ vs traditional lenders
• Launched CHIP token via ICO in Q1 2026

Saturn is an onchain structured digital-credit protocol for the Bitcoin-backed economy, launched March 2026 after a $2M seed led by The Spartan Group. Dual-token system: USDat (stablecoin) and sUSDat (staked vault with exposure to Strategy's STRC preferred stock).

USDat is the liquidity/settlement dollar with a reserve composition targeting 100% M at launch. Staking USDat into sUSDat converts Treasury collateral into STRC exposure, accruing STRC's monthly distribution stream (~11% annualized target) — bringing MicroStrategy's preferred yield into DeFi.

• Brings ~11%-yielding STRC into DeFi via Pendle, Strata, Chainlink
• $155M peak supply within 4 months of launch
• $2M seed led by The Spartan Group

Usual is a decentralized stablecoin issuer on Ethereum whose USD0 is fully collateralized by short-term T-bill instruments, with value redistribution via the USUAL token. TVL passed an $844M all-time high around the UsualM launch in December 2024.

UsualM is a permissioned wrapper of M serving as alternative collateral backing USD0 — adding pausability, blacklisting and mint caps while keeping 1:1 with M. It routes T-bill economics into Usual's community real-yield model.

• First major third-party wrapper of M (Dec 2024)
• Two extra audits commissioned on top of M0's eight
• Wholesale collateral use-case: M inside USD0

MetaMask, built by Consensys, is the most widely used self-custody wallet with tens of millions of monthly active users. mUSD — announced August 2025 and issued via Bridge (a Stripe company) on M0 — was the first stablecoin native to a self-custody wallet.

mUSD is embedded across MetaMask's core flows: fiat on-ramps, in-wallet swaps, bridging and DeFi on Ethereum, Linea, BSC and Monad, plus Mastercard spending via MetaMask Card. In June 2026 Money Account began paying up to 4% APY on mUSD balances routed through Veda vaults into Morpho on Monad.

• First self-custody-wallet-native stablecoin (Sep 2025)
• Supply topped $65M within one week of launch
• Money Account (Jun 2026): up to 4% APY + card spending

M0 is a modular stablecoin platform.

M is the common, yield-generating settlement layer: every partner dollar is an extension holding M 1:1, making them mutually interchangeable and liquid. Wrapped M (wM) is the non-rebasing ERC-20 wrapper that makes M DeFi-composable, with yield forwarded to designated earners.

• $40M Series B (Polychain + Ribbit), ~$100M total funding
• Aggregate supply +215% YTD by July 2025; M peaked at $943M
• Partners: MetaMask, MoneyGram, MoonPay, Bridge/Stripe, Noble, KAST

MoneyGram is one of the world's largest cross-border remittance networks: 80+ years of history, 60M+ customers and ~500,000 retail cash locations across 200+ countries. On June 2, 2026 it became one of the first major legacy money-transfer firms to launch its own stablecoin.

mgUSD launched on Stellar with Bridge (a Stripe company) as the GENIUS Act-regulated issuer, M0 providing mint/burn/redemption smart-contract infrastructure, and Fireblocks powering wallets. It is the settlement and store-of-value layer across MoneyGram's network — a 24/7 dollar balance that cashes in and out at retail locations.

• Launched June 2, 2026 on Stellar
• Bridge (Stripe) is regulated issuer; Fireblocks wallets
• Aimed at remittance families and the underbanked

KAST is a global money app and card platform built entirely on stablecoin rails, letting users store, send, spend, and earn digital dollars at 100M+ Visa merchants worldwide. It grew to over 1 million users with roughly $5B in annualized transaction volume, and in March 2026 raised an $80M Series A co-led by QED Investors and Left Lane Capital at a ~$600M valuation.

USDK is the payment-optimized in-app dollar balance, minted on Solana via M0 against M / T-bill reserves. KAST was the first partner to launch an M0 stablecoin on Solana; it aggregates user funds and settles card payments at Visa merchants globally.

• $80M Series A at ~$600M valuation (Mar 2026)
• 1M+ users, ~$5B annualized volume
• First M0 stablecoin issuer on Solana

Citrea is Bitcoin's first zkEVM rollup, settling to Bitcoin via zero-knowledge proofs, with mainnet launched January 27, 2026 ($14M Series A led by Founders Fund). ctUSD — announced January 15, 2026 — is its native stablecoin, issued by MoonPay and powered by M0.

ctUSD is the foundational dollar liquidity layer of the Bitcoin application ecosystem: the dollar leg for BTC lending, borrowing and trading on Citrea, backed 1:1 by T-bills and cash. MoonPay's banking stack (incl. virtual IBANs via Iron) bridges on-chain Bitcoin collateral to fiat rails.

• First M0-powered stablecoin issued by MoonPay
• Instantly accessible to MoonPay's 30M+ verified users
• 3,900+ holders on Bitcoin's first zk-rollup

Startale Group is Sony's blockchain partner and co-operator (via Sony Block Solutions Labs) of Soneium, Sony's Ethereum L2. In December 2025 it launched USDSC, the first institutional-grade stablecoin native to Soneium, built on M0 and fully backed by short-term U.S. Treasuries.

USDSC is the default digital dollar for payments, rewards and commerce across Soneium, distributed through the Startale App. Users earn STAR Points for minting, holding and LPing USDSC; points unlock gas credits, multipliers and priority token launches.

• First stablecoin native to Sony's Soneium L2 (Dec 3, 2025)
• 23k+ holders via STAR Points campaigns
• Soneium operated by Sony Group × Startale JV

Noble is the stablecoin-issuance hub of the Cosmos ecosystem, routing assets to ~50 IBC-connected chains with $650M+ issued by mid-2025. In March 2025 it launched Noble Dollar (USDN) — the first stablecoin ever built on M0's extension engine.

USDN is a composable, yield-bearing dollar whose T-bill reward stream is programmatically directed to holders and the ecosystem rather than retained by the issuer. It powers transfers, DeFi and points campaigns across IBC, with yield composability letting holders receive, forward, or pool rewards.

• First stablecoin on M0's extension engine (Mar 5, 2025)
• $20M TVL in its first week; peaked over $128M
• Noble is relaunching as an EVM L1, carrying USDN with it

Nerona is a crypto-powered private wealth management platform — “private wealth management for the onchain era” — built around its own vertically integrated yield-bearing stablecoin. USDnr is also the native stablecoin of Fluent, an Ethereum L2 that launched mainnet with $50M day-one liquidity.

USDnr is minted through Nerona's M0 extension (JMI model, MXON issuer), backed by T-bill-backed M with reserve yield funding its private-bank-like products. Supply migrated almost entirely to Fluent, where USDnr serves as the network's native dollar for DeFi and payments.

• Native stablecoin of the Fluent L2
• ~99.9% of supply now lives on Fluent
• Peaked at $50M supply in April 2026

Exodus (NYSE American: EXOD) is a publicly traded self-custody wallet company serving millions of users. XO Cash was announced Dec 16, 2025 with MoonPay as issuer on M0 infrastructure, launching on Solana in 2026; in May 2026 AgentKit made XO the first stablecoin purpose-built for AI agents.

XO Cash is the digital cash layer inside Exodus Pay: users hold XO self-custodially, send money by phone number, and spend at Visa merchants via Monavate-powered cards. AgentKit spins up per-agent wallets and debit cards with one API call so AI agents can pay from XO balances without holding keys.

• First stablecoin built for AI agents (AgentKit, May 2026)
• MoonPay is issuer; zero-fee transactions
• 11k+ holders within days of Solana launch

KAST is a global money app and card platform built entirely on stablecoin rails, letting users store, send, spend, and earn digital dollars at 100M+ Visa merchants worldwide. It grew to over 1 million users with roughly $5B in annualized transaction volume, and in March 2026 raised an $80M Series A co-led by QED Investors and Left Lane Capital at a ~$600M valuation.

USDKy is the yield-accruing companion token (Token-2022 scaled-UI) that powers USD Prime Vault, KAST's native Earn product. T-bill yield accrues into the token, held self-custodially in a Privy wallet, at up to ~3.3% APY.

• $80M Series A at ~$600M valuation (Mar 2026)
• 1M+ users, ~$5B annualized volume
• First M0 stablecoin issuer on Solana

Streamflow is a leading Solana token-infrastructure platform (vesting, airdrops, staking, locks) with ~$2.5B peak TVL, 1.3M+ users and 26,000+ projects served. USD+ was announced December 2025 and launched in 2026, powered by M0.

USD+ is Streamflow's dollar rail: a composable Solana stablecoin whose T-bill yield is passed on-chain to holders daily as additional tokens — no staking or lockups — targeting Web3 treasuries and idle capital in vesting and lock contracts.

• Yield paid daily to wallets, no staking required
• ~3.6% APY at announcement, floats with rates
• Distribution moat: 26k+ projects on Streamflow rails

USDhl (Hyper USD) was built by the Felix Labs team natively for HyperEVM and the Hyperliquid ecosystem — the first institutional-grade, T-bill-backed native stablecoin on HyperEVM, launched June 2025.

USDhl is a direct M0 extension backed by M (~104% T-bill collateralized). It serves as borrowing/lending collateral and settlement liquidity across Felix CDP markets and Hyperbeat vaults; instead of the issuer keeping reserve income, T-bill revenue is recycled into incentives for lenders and LPs on Hyperliquid.

• First T-bill-backed native stablecoin on HyperEVM
• Peaked at $27M supply
• Revenue reinvested into Hyperliquid ecosystem growth

MANTRA is a regulatory-compliant, EVM-compatible L1 purpose-built for tokenized real-world assets, backed by a $1B tokenization agreement with DAMAC and a Dubai VARA license. mantraUSD launched December 2025 as an M0 extension.

mantraUSD is the preferred settlement currency of MANTRA Finance — used across RWA vaults, the launchpad and the DEX for subscribing to, trading and settling tokenized assets. Reserve yield is directed into ecosystem rewards for partners and users.

• Native dollar of a VARA-licensed RWA chain
• Default quote asset for tokenized RWAs on MANTRA
• Inherits M0 core immutability and governance security

Meridian builds x402 payment rails for the AI economy on Base: ~2-second settlement, a facilitator architecture for agent-to-agent payments, EIP-3009 authorization-based transfers and gasless multi-token Mpay.

MrUSD is the settlement dollar for agent micropayments and automated treasury flows, backed 1:1 by M. AI agents sign payments off-chain (no gas needed); Meridian's facilitator verifies and settles them on Base in ~2 seconds.

• ~2-second settlement vs days on legacy rails
• Built around EIP-3009 authorization-based transfers
• 1% base fee, reducible by staking MRDN

Dfns is wallets-as-a-service and custody infrastructure serving 400+ banks, fintechs and institutions (Fidelity International, ABN AMRO, Stripe, Zodia; powers IBM Digital Asset Haven), with 10M+ wallets and ~$1B monthly transactions. Raised a $16M Series A in January 2025.

In October 2025 Dfns launched Allocations, a rewards-distribution service powered by M0, centered on 0fns — a permissioned ERC-20 M0 extension. Clients atomically swap idle USDC into yield-accruing 0fns (USDC → wM → M → 0fns in one transaction at 1 bps), policy-enforced via MPC signing, convertible back anytime.

• Allocations launched Oct 29, 2025; the ‘0’ nods to M0
• USDC→0fns conversion is one atomic tx at 1 bps
• 400+ institutions, 10M+ wallets served

Questflow is a multi-agent orchestration network where users deploy AI Clones that trade autonomously across Hyperliquid, Polymarket, xStocks and prediction markets. Its agents went live inside Coinbase's Base App in August 2025 with x402 agent payments.

AgentUSD (AUSD) is the native currency of the AI-agent economy on Base: Clones trade markets, pay each other for signals, data and services, and default to AUSD when launching their own tokens. Idle agent balances stay fully backed by T-bill-backed M.

• Agents live in Coinbase's Base App since Aug 2025
• Partnered with Virtuals (GAME engine + MAOP)
• Machine-to-machine settlement in AUSD

Braid is an early-stage payments company backed by Bain Capital Crypto, ParaFi, Nascent, Robot Ventures and Chapter One. Its site now redirects to groundtech.co (“Ground”), onchain yield infrastructure for banks — an apparent rebrand of the same team.

USDZ is a Braid-branded digital dollar on Ethereum and Arbitrum, minted and burned through M0 and backed by M. Client fiat converts to USDZ for onchain settlement and redeems 1:1 on exit, while T-bill yield on reserves accrues to platform economics.

• Backed by Bain Capital Crypto, ParaFi, Nascent
• MYieldToOne extension on Ethereum + Arbitrum