Summary
Ketju does not approve M0 ($M / Wrapped M): it is wholesale infrastructure beneath other stablecoins. Only its permissioned Minters can redeem $M for fiat. M0 mints a base token, $M, and a "Wrapped M" token for use in DeFi. Other projects use it as a backend to issue branded stablecoins, including MetaMask’s mUSD, Noble’s USDN and Usual’s USD0. A client does not hold "M0" the way a client holds a fund token. DefiLlama’s tracked TVL is the total minted across all those branded tokens. Each has its own issuer, KYC terms and redemption route, which Ketju has not reviewed. We confirmed that special purpose vehicles specific to each Minter hold the Treasury collateral. Governance has approved only one structure, a Luxembourg SPV, and no primary source names its administrator or custodian bank. Retail and DeFi holders must sell on the market or use a downstream issuer’s separate redemption process.
Review triggers
- The identity of the Luxembourg SPV administrator and custodian, or any successor custody structure, is publicly disclosed and verified
- Current $POWER and $ZERO governance token concentration is disclosed
- End users can redeem for fiat directly, beyond the Minter-only route
- Ketju splits or reframes this memo so that any future review covers the specific downstream branded token a client would hold, in place of M0 as an opaque aggregate
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Ethereum
- Reviewed
- Last confirmed