WrappedM by M0 (WM)USD

WrappedM (WM) is a non-rebasing ERC-20 wrapper token built around M, the rebasing stablecoin at the core of the M0 protocol. It exists because many DeFi protocols cannot safely handle rebasing token balances. M0 Labs and the M0 Foundation developed it as part of the M0 stablecoin system, with public documentation of the wrapper appearing in 2024. The Wrapped M token contract was deployed on Ethereum mainnet on 14 August 2024. WM maintains a fixed 1:1 exchange rate with the underlying M token. Users mint WM by wrapping M and redeem M by burning WM. Yield generated by the underlying M does not rebase into WM balances but instead accrues separately and becomes claimable by WM holders. The token operates on Ethereum and other host chains, inheriting the consensus mechanism of each underlying network (Ethereum's proof-of-stake, for example). WM has no fixed maximum supply. It is minted and burned on demand through wrapping and unwrapping at a 1:1 rate, so its circulating supply is fully elastic and tied to user demand. WM functions as a bridge asset that brings M's yield-bearing stablecoin mechanics into standard DeFi contexts like decentralized exchanges and lending protocols.