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 transfer count methodology

## 1. Overview

Asset transfer count is defined as the number of user transactions that move assets between addresses. It is utilized to reflect how frequently assets are used for payments, trading, or other onchain activity. The metric is calculated daily for each tracked asset across all supported blockchains. By aggregating these transfer events, a comprehensive view of onchain utility and transactional velocity is provided.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token transfers
- **Other blockchain events**: Token transfers, withdrawals, and mint events across non-EVM chains (Solana, Aptos, Near, Polkadot Asset Hub, Stellar, and others)
- **Asset metadata**: Token addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract and count raw transfer events

- **Purpose**: Identify and count individual token transfer events on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, ERC-20 token transfers are parsed and counted. On Solana, SPL token transfers are parsed and counted. On Aptos, Near, and Ripple, token transfers and withdrawals are parsed and counted. On Stellar, classic token withdrawals and Soroban token transfers are aggregated. On Sui, token withdrawals and token mint events are aggregated. On Cardano, UTXO withdrawals and token mint events are aggregated. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed.
- **Key fields**: `token_address`: The unique identifier of the token contract or asset. `block_timestamp`: The timestamp of the transaction block.

### Component B: Daily aggregation and zero-filling

- **Purpose**: Aggregate the daily transfer counts per asset and ensure continuous time-series data.
- **Logic**: The extracted transfer counts are aggregated daily for each token address on its respective chain. For days where no transfer activity is recorded for a tracked asset, the time series is filled with zero values to ensure a continuous daily record.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The daily count of transfers per token on a specific chain.

### Component C: Final aggregation

- **Purpose**: Combine the daily transfer counts across all supported chains for each asset.
- **Logic**: The daily transfer counts from all individual chains are combined. Token addresses are mapped to unique asset identifiers using asset metadata. The final daily asset transfer count is then aggregated across all chains for each asset.
- **Key fields**: `timestamp`: The day of the activity. `asset_transfer_count`: The total aggregated daily transfer count for the asset.

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

Number of transfer transactions involving the asset.

Asset transfer count

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