As the standard for onchain finance, Chainlink has enabled over $18 trillion in transaction value and offers a full stack of web3 services that support a spectrum of tokenized real-world asset (RWA) and stablecoin issuers – from top DeFi protocols, such as Paxos and StablR, to some of the world’s largest financial institutions, such as ANZ and Fidelity International.
This week, M^0, a decentralized protocol allowing institutions to mint fungible stablecoins, adopted Chainlink’s SmartData asset suite to deliver net asset value (NAV) data for the $M decentralized stablecoin on Ethereum. SmartData enhances the transparency of $M by providing NAV data onchain with the utmost accuracy and security.
$M is designed to be a foundational building block for innovative financial products with the highest degree of safety, transparency, and interoperability. Institutional holders of high-quality collateral can generate $M by locking eligible collateral in a secure offchain facility.
M^0 combines a decentralized onchain protocol with a corresponding set of offchain standards and APIs to function as turnkey middleware for minting stablecoins. $M gives builders access to the shared liquidity of the M^0 network while maintaining full control over how reserve collateral yield is utilized.
Chainlink’s decentralized oracle networks are being leveraged to fetch and validate NAV data through M^0’s standard minter APIs, which directly access the custodian bank layer. This ensures NAV data for $M is consistently updated with an immutable and transparent audit trail.
“We’re excited to leverage the Chainlink network to bring NAV data on-chain for the M^0 protocol,” said Greg Di Prisco, Chief Architect and Co-Founder at M^0, in an official announcement. “By adopting Chainlink’s SmartData suite of asset servicing solutions, we can make it significantly easier for integrators to get a real time NAV value for $M.”