# M by M0 ## Who is M0? M^0 is an on-chain protocol, as well as a set of off-chain standards and APIs, that allows multiple Minters to issue a fully fungible stablecoin called $M. Minters connect to the protocol to manage the supply of $M, while Validators support the process independently by providing near-constant information on the presence of off-chain collateral held in best-in-class storage structures. This coordination is underpinned by a novel governance mechanism called the Two Token Governor. Website of [M0](https://www.m0.org). ## What is M? $M is a fungible token that can be generated by a Minter by locking Eligible Collateral, currently short term T-bills, in a secure off-chain facility. Once generated, a Minter can then sell these tokens into the market. With selling and buying back these tokens at the price of $1, $M serves as a stablecoin, offering a stable, digital representation of the US dollar. $M can also be used as raw material to create other stablecoin products. More on [M](https://www.m0.org/faqs). --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://tech.usual.money/smart-contracts/usd0-collateral/m-by-m0.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.