Ask about M0 · freeTotal Value Locked$211.64m
TVL by Chain
Ethereum$211.64m
Key Metrics
Fees 30d$525,047
Fees 30d by chain
Ethereum$525,047
Fees 7d$106,930
Ethereum$106,930
Fees 24h$18,994
Ethereum$18,994
Cumulative Fees$22.56m
Ethereum$22.56m
Revenue 30d$2,609
Revenue 30d by chain
Ethereum$2,609
Revenue 7d$545.42
Ethereum$545.42
Revenue 24h$91.93
Ethereum$91.93
Cumulative Revenue$338,352
Ethereum$338,352
Holders Revenue 30d$2,609
Holders Revenue 30d by chain
Ethereum$2,609
Holders Revenue 7d$545.42
Ethereum$545.42
Holders Revenue 24h$91.93
Ethereum$91.93
Cumulative Holders Revenue$338,352
Ethereum$338,352
Total Raised$97.5m
Apr 5, 2023$22.5mRound: SeedInvestors: Pantera Capital, Salt Fund, Mouro Capital, Road Capital, AirTree Ventures, Standard Crypto, ParaFi Capital, Distributed Capital Partners, Kraynos Capital, Earlybird Venture Capital
Jun 5, 2024$35mRound: Series AInvestors: Bain Capital, Wintermute Ventures, Galaxy, GSR, Caladan, SCB 10X
Aug 28, 2025$40mRound: Series BInvestors: Polychain Capital, Ribbit Capital, Endeavor
Protocol Information
M0 is the modular stablecoin infrastructure. Build a stablecoin around your business, with the freedom to choose your regulated issuer and the option to change later
Audits:
Methodology
TVL: TVL corresponds to the value minted by an institution by depositing short-term T-billsView code on GitHubFees: Total minter fees, penalty fees paid by borrowers, auction proceeds and failed proposals feeView code on GitHubRevenue: Total fees earned by distribution vault(Excess yields, auction proceeds and failed proposals feeView code on GitHubHolders Revenue: All the revenue goes to ZERO governanace token holdersView code on GitHubCompetitors
M0 history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 15, 2024 to Oct 26, 2026.
All-time high TVL: $956.56m on Nov 20, 2025. All-time low TVL: $54.47m on Oct 15, 2024.
Daily TVL, Sep 27, 2026 to Oct 26, 2026
| Date | TVL |
|---|---|
| Sep 27, 2026 | $200.91m |
| Sep 28, 2026 | $203.1m |
| Sep 29, 2026 | $202.69m |
| Sep 30, 2026 | $204.52m |
| Oct 1, 2026 | $204.35m |
| Oct 2, 2026 | $203.71m |
| Oct 3, 2026 | $199.4m |
| Oct 4, 2026 | $199.8m |
| Oct 5, 2026 | $199.6m |
| Oct 6, 2026 | $200.07m |
| Oct 7, 2026 | $199.06m |
| Oct 8, 2026 | $204.84m |
| Oct 9, 2026 | $205.59m |
| Oct 10, 2026 | $202.33m |
| Oct 11, 2026 | $204.08m |
| Oct 12, 2026 | $205.48m |
| Oct 13, 2026 | $205.49m |
| Oct 14, 2026 | $199.7m |
| Oct 15, 2026 | $200.43m |
| Oct 16, 2026 | $201.24m |
| Oct 17, 2026 | $207.27m |
| Oct 18, 2026 | $211.64m |
| Oct 19, 2026 | $211.88m |
| Oct 20, 2026 | $210m |
| Oct 21, 2026 | $210.2m |
| Oct 22, 2026 | $209.07m |
| Oct 23, 2026 | $209.21m |
| Oct 24, 2026 | $209.85m |
| Oct 25, 2026 | $210.43m |
| Oct 26, 2026 | $211.45m |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $74.78m |
| Dec 31, 2024 | $103.99m |
| Jan 31, 2025 | $110.55m |
| Feb 28, 2025 | $113.26m |
| Mar 31, 2025 | $166.45m |
| Apr 30, 2025 | $211.36m |
| May 31, 2025 | $248.15m |
| Jun 30, 2025 | $321.4m |
| Jul 31, 2025 | $309.82m |
| Aug 31, 2025 | $314.98m |
| Sep 30, 2025 | $773.76m |
| Oct 31, 2025 | $833.85m |
| Nov 30, 2025 | $860.93m |
| Dec 31, 2025 | $883.8m |
| Jan 31, 2026 | $841.1m |
| Feb 28, 2026 | $184.51m |
| Mar 31, 2026 | $275.72m |
| Apr 30, 2026 | $278.38m |
| May 31, 2026 | $373.22m |
| Jun 30, 2026 | $331.61m |
| Jul 31, 2026 | $296.98m |
| Aug 31, 2026 | $185.66m |
| Sep 30, 2026 | $204.52m |
| Oct 26, 2026 (latest) | $211.45m |
TVL at each year end, Dec 31, 2024 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2024 | $103.99m |
| Dec 31, 2025 | $883.8m |
Fees, revenue and holders revenue by UTC calendar month, Nov 2024 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Nov 2024 | $10 | $10 | $10 |
| Dec 2024 | $109,190 | $48,393 | $48,393 |
| Jan 2025 | $121,166 | $47,023 | $47,023 |
| Feb 2025 | $0 | $0 | $0 |
| Mar 2025 | $1 | $1 | $1 |
| Apr 2025 | $640,919 | $106,982 | $106,982 |
| May 2025 | $801,624 | $46,863 | $46,863 |
| Jun 2025 | $956,070 | $20,371 | $20,371 |
| Jul 2025 | $1.13m | $3,754 | $3,754 |
| Aug 2025 | $978,478 | $3,218 | $3,218 |
| Sep 2025 | $1.48m | $4,352 | $4,352 |
| Oct 2025 | $2.68m | $4,050 | $4,050 |
| Nov 2025 | $2.43m | $2,257 | $2,257 |
| Dec 2025 | $1.74m | $1,546 | $1,546 |
| Jan 2026 | $2.44m | $1,969 | $1,969 |
| Feb 2026 | $1.38m | $26,512 | $26,512 |
| Mar 2026 | $581,749 | $2,053 | $2,053 |
| Apr 2026 | $780,445 | $2,017 | $2,017 |
| May 2026 | $888,079 | $2,020 | $2,020 |
| Jun 2026 | $920,480 | $1,951 | $1,951 |
| Jul 2026 | $862,064 | $1,999 | $1,999 |
| Aug 2026 | $703,568 | $5,538 | $5,538 |
| Sep 2026 | $513,598 | $2,307 | $2,307 |
| Oct 2026 (to date) | $453,332 | $2,273 | $2,273 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/m0
Frequently asked questions
What is M0's TVL?
As of Oct 26, 2026, M0 has $211.64m in total value locked. TVL has increased 6.2% over the past 30 days.
How much has M0 generated in fees and revenue?
Over the past 30 days, M0 generated $525,047 in fees. Of that, $2,609 was protocol revenue. Based on the trailing year, the annualized rate is $14.18m in fees and $53,538 in revenue.
How does M0's TVL compare to similar protocols?
Among Stablecoin Issuer protocols tracked by DefiLlama, M0 ranks #1 by TVL. The category holds $211.64m across 6 protocols, and M0 accounts for 100% of that total. Similar protocols include Circle USDC, Tether, MetaMask USD, Paxos Stablecoin Issuer, and Ripple USD.