PANews reported on August 28th that stablecoin startup M0 announced the completion of a $40 million Series B funding round, led by Polychain and Ribbit Capital, with participation from Endeavor Catalyst Fund and existing investors including Pantera and Bain Capital Crypto. M0 co-founder and CEO Luca Prosperi declined to disclose his startup's valuation. The funding round involved equity and locked up the startup's cryptocurrency reserves—tokens that can only be sold after a specified period of time. To date, M0 has raised nearly $100 million.

M0 is building a network where stablecoin issuers can deploy their tokens without having to worry about moving assets between blockchains like Ethereum or Solana, or making cumbersome software decisions like changing Circle's token to PayPal's. M0 aims to bring as many stablecoin issuers as possible onto its network. This includes the crypto wallet MetaMask, which recently announced a partnership with M0 to launch its stablecoin.