DECENTRALISE TETHER AND CIRCLE, A LIGHT RESEARCH ON $M AND M^0 PROTOCOL

Summary from the TLDR Crypto newsletter

The M^0 Protocol introduces a novel, decentralized approach to stablecoin management that allows multiple permissioned institutions to mint $M tokens by locking off-chain collateral. It uses two governance tokens, $POWER and $ZERO, to manage governance and encourage active participation. $POWER holders earn $ZERO, which earns protocol fees, by being active governance participants. The M^0 Protocol is still small, with $42 million $M stablecoins in circulation, but a 127% collateralization ratio implies the product has potential for both network effects and resilience.