M, issued by the M0 Protocol smart contracts under the governance of POWER and ZERO tokenholders, is a U.S. dollar-pegged stablecoin building block minted as fungible base money against approved collateral by governance-permissioned institutional Minters [S1][S2][S3].

M tracks the U.S. dollar (USD) at a 1:1 economic peg maintained through Minter arbitrage rather than algorithmic adjustment [S4][S5]. Each token is backed 1:1 by approved collateral consisting solely of short-term U.S. Treasury Bills, currently capped at 90-day maturity [S4][S6]. Holders approved as Earners by the governance registry accrue yield through continuously compounding earning balances at the Earner Rate, funded by the Issuer Rate charged to Minters on outstanding supply [S2][S4][S7].

M is issued onchain by the M0 Protocol and is not issued by a single corporate entity; M0 Foundation stewards the protocol and governance while $M is minted by separate governance-approved institutions described as appropriately regulated issuers [S8][S3][S9]. The token represents a claim on the system's collateralized supply [S4]. Minting is permissioned, restricted to approved Minters such as institutions, exchanges, and regulated issuers [S3][S9]. A Minter burns $M to repay debt and retrieve collateral through the MinterGateway [S4]. Collateral is held through orphaned, bankruptcy-remote SPV entities and named custodians, with limited recourse and asset segregation [S6][S8][S3].

M is an ERC-20 token supporting EIP-2612 and EIP-3009 with 6 decimals, natively issued on Ethereum Mainnet and launched on Solana [S4][S9][S10]. Cross-chain availability is provided through M Portal using Wormhole NTT and M Portal Lite using Hyperlane [S4][S10]. The MinterGateway is the sole contract that mints against collateral and burns on repayment, with continuous per-second index settlement [S4].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://www.m0.org/" },
    { id: "S2", url: "https://docs.m0.org/get-started/protocol-mechanics" },
    { id: "S3", url: "https://docs.m0.org/get-started/how-it-works" },
    { id: "S4", url: "https://docs.m0.org/protocol/m-token" },
    { id: "S5", url: "https://docs.m0.org/" },
    { id: "S6", url: "https://research.m0.org/research/expanding-available-collateral-structures-for-minters" },
    { id: "S7", url: "https://docs.m0.org/get-started/protocol-mechanics" },
    { id: "S8", url: "https://docs.m0.org/home/getting-started/adopted-guidance/spv-operators/" },
    { id: "S9", url: "https://research.m0.org/research/m-0-project-completes-system-launch-enters-limited-availability-phase" },
    { id: "S10", url: "https://www.m0.org/press-releases/m-0-launches-on-solana-bringing-the-first-programmable-stablecoin-infrastructure-to-one-of-cryptos-fastest-growing-ecosystem" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Stablecoins

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Stablecoin issuers

M by M0 (M) is a U.S. dollar stablecoin issued by M^0.

M has been issued on Ethereum as an ERC-20 and SPL Token-2022 token since June 2024, with bridged versions on two more.

M by M0M