Wrapped M (wM) stablecoin analytics
Answer First
What is Wrapped M (wM)?
wM is M0 Protocol's non-rebasing 1:1 ERC-20 wrapper around M, with M backed by short-term U.S. Treasury bills held in bankruptcy-remote SPVs. The static profile records its US Dollar peg mechanism as: Non-rebasing M-backed ERC-20 wrapper with 1:1 principal conversion through the M0 SwapFacility.
Is wM safe?
wM holds a C Safety Score grade (55/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Wrapped M uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Real-Time PoR from M0 Protocol (on-chain Validator attestations); the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Wrapped M (wM) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar.
Variant Relationship
Wrapped M (wM) is modeled as a pure wrapper variant of M by M0 (M). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.
AI summary / Updated Sep 7, 2026
wM is M0's non-rebasing ERC-20 wrapper over M, backed by short-term U.S. Treasury bills in bankruptcy-remote SPVs. The price of composability is that holders forfeit the yield. Underneath sits the same reserve framework and Validator attestation as M, while the wrapper routes accrued value to TTG-approved earner accounts through `claimExcess()`, leaving wM as a flat dollar for downstream integrations.
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
Sources: M0 Wrapped M documentation and Wrapped M Token source
- Collateral
- Underlying M (M0 Protocol) is backed 100% by short-term U.S. Treasury bills (30 to 90 day WAM) held in bankruptcy-remote SPVs by permissioned Minters; M0 Validators independently attest collateral sufficiency on-chain before any M can be minted, and wM holds M 1:1 inside the Wrapped M Token contract
- Peg Mechanism
- Non-rebasing M-backed ERC-20 wrapper with 1:1 principal conversion through the M0 SwapFacility. The current Ethereum WrappedMToken accepts wrap() and unwrap() only from that facility; both paths are subject to pause and account-freeze checks. Non-earning accounts retain fixed balances, while approved earning accounts can claim underlying M yield and claimExcess() directs excess reserves to the configured recipient. Unwrapping returns M, not fiat, and does not itself establish access to M0 institutional redemption.
- Jurisdiction
- Switzerland
- Proof Of Reserves
- Real-Time PoR by M0 Protocol (on-chain Validator attestations) Reserve source
Next Actions
Exact bot target: /subscribe dews,depeg,safety wm-m0
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Sep 7, 2026.
wM quick answers
What is Wrapped M (wM)?
wM is M0 Protocol's non-rebasing 1:1 ERC-20 wrapper around M, with M backed by short-term U.S. Treasury bills held in bankruptcy-remote SPVs. The static profile records its US Dollar peg mechanism as: Non-rebasing M-backed ERC-20 wrapper with 1:1 principal conversion through the M0 SwapFacility.
Is wM safe?
wM holds a C Safety Score grade (55/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Wrapped M uses a Centralized (CeFi) governance model and Real-World Asset Backed backing, with Real-Time PoR from M0 Protocol (on-chain Validator attestations); the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs wM?
Pharos classifies wM backing as Real-World Asset Backed. Collateral, per the static profile: Underlying M (M0 Protocol) is backed 100% by short-term U.S. Reserve evidence: Real-Time PoR from M0 Protocol (on-chain Validator attestations).
Can wM be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for wM, when applicable, appear in the dossier below.
