M^0 has expanded its stablecoin platform to Solana, enabling developers to launch programmable stablecoins.
Stablecoin protocol M^0 is expanding to Solana, allowing developers to create digital dollars that are tailored to their needs and easily interchangeable with high liquidity, the firm said in a press release shared with crypto.news.
KAST, a neobank built on stablecoins, will be the first to use M^0’s platform on Solana. According to the press release, the company plans to create two digital dollars to tokenize deposits and later expand into payments and savings.
“By issuing our own stablecoin, we ensure full transparency, with all customer deposits represented on-chain. Solana was the clear choice for deployment, given our strong existing partnership and its advantages in speed and low fees.”
Raagulan Pathy, co-founder & CEO of KAST
Joao Reginatto, Chief Strategy Officer at M^0, explains that the company’s decision to bring M^0 to Solana is driven by its goal to empower builders to “create stablecoins that are not only interoperable, liquid, and tailored to their use cases, but that can also perform at any scale.”
The latest expansion follows just a few months after M^0 teamed up with the Cosmos-based Noble blockchain to shake up the stablecoin market, which is mainly controlled by Tether (USDT) and Circle (USDC). Earlier in December 2024, Noble launched its new dollar-backed token, USDN, powered by M^0’s decentralized stablecoin infrastructure.
In June 2024, M^0 raised $35 million in a Series A fundraise led by Bain Capital Crypto, Bain Capital’s crypto investment platform. In addition to Bain Capital Crypto, the Series A round and launch phase drew support from existing investors as well as strategic partners including Galaxy Ventures, Wintermute Ventures, GSR, Caladan and SCB 10X. M^0 previously raised $22.5 million in seed funding led by Pantera Capital in early 2023.
