# Remove [REDACTED] as an Approved Earner
This proposal removes the specified address from the Earners list as part of routine registry maintenance. Periodic review of the list helps ensure it remains current and well-maintained.
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# Remove M0 Labs Engineering Reserved 'EarnerPhi' Address as an Earner
This proposal removes the specified address from the Earners list as part of routine registry maintenance. Periodic review of the list helps ensure it remains current and well-maintained.
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# Remove M0 Labs Engineering Reserved 'EarnerTau' Address as an Earner
This proposal removes the specified address from the Earners list as part of routine registry maintenance. Periodic review of the list helps ensure it remains current and well-maintained.
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# Remove M0 Labs Engineering Reserved 'EarnerRho' Address as an Earner
This proposal removes the specified address from the Earners list as part of routine registry maintenance. Periodic review of the list helps ensure it remains current and well-maintained.
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# Remove M0 Labs Engineering Reserved 'EarnerEta' Address as an Earner
This proposal removes the specified address from the Earners list as part of routine registry maintenance. Periodic review of the list helps ensure it remains current and well-maintained.
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# Remove Midas as an Approved Earner for mTBILL
This proposal removes the specified address from the Earners list as part of routine registry maintenance. Periodic review of the list helps ensure it remains current and well-maintained.
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# Add Tara Labs (USDxyz) as an Approved Earner
Tara Labs proposes to add USDxyz as an approved earner on the M0 platform. Tara Labs is deploying USDxyz as the internal "dollar" representation within their wallet application. USDxyz is non-transferable from the user's perspective: it cannot be moved to a non-custodial wallet or sent outside the Tara application, which simplifies the user experience.
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# Update mint delay to 5 minutes
The MAP (Monetary Adaptation and Policy) Committee proposes to reduce the Mint Delay from 15 minutes to 5 minutes. This will allow issuers on the M0 network to operate with improved efficiency by enabling faster issuance while retaining a meaningful window between mint proposal and execution for security purposes.
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# Add 1Money (1USD) as an Approved Earner
1Money, as a minter on the M0 platform, proposes to add 1Money USD (1USD) as an approved earner. 1Money USD is designed to power 1Money's full-stack financial infrastructure, enabling businesses and fintech builders to seamlessly send, receive, convert, and settle payments globally through 1Money's orchestration platform. 1Money aims to give enterprise clients a regulated, interoperable digital dollar that integrates natively with their fiat on/off-ramps, custody services, and virtual account infrastructure.
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# Onboard MoonPay as a Minter
The present proposal recommends onboarding MoonPay as an additional Minter on the M0 protocol.
The teams at M0 Labs and M0 Foundation have been collaborating with MoonPay in order to have it integrate with the M0 protocol for the purpose of holding eligible collateral (as per M0's Adopted Guidance) and minting M0-powered stablecoins designed for client app developers.
Well-known for their payments, and more recently stablecoin, infrastructure capabilities, MoonPay will, if approved, become a Minter for M0 stablecoins out of the US market.
Through this recent collaboration, the M0 teams are satisfied and impressed with MoonPay's ability to meet the Adopted Guidance bar from the perspective of holding collateral, completing the technical integration with the M0 protocol, abiding to regulatory requirements, and contracting with existing validator(s).
Governors willing to have access to detailed information should get in touch with the M0 Foundation team, who can, under appropriate NDA, disclose Minter onboarding documentation and any additional information.
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# Update minter rate to 3.33%
The MAP (Monetary Adaptation and Policy) committee proposes lowering the Minter Rate by 25 bps from 3.58% to 3.33%, matching the quarter-point Fed cut delivered in the December 2025 FOMC meeting. Synchronizing minter costs with the updated policy backdrop helps ensure that minting remains attractive relative to alternative funding sources, supporting healthy issuance and liquidity growth without overstimulating leverage. This change maintains predictability in rate-setting, reinforces transparent governance, and keeps M0 firmly anchored to real-world monetary conditions.
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# Update earner rate to 3.33%
The MAP (Monetary Adaptation and Policy) committee proposes reducing the Earner Rate from 3.58% to 3.33% in response to the Federal Reserve’s additional 25 bps policy-rate cut announced in the December 2025 FOMC meeting. This update keeps earners’ returns aligned with current macro conditions and market reference rates, preventing an unintended widening between protocol yields and prevailing short-term rates by adjusting promptly and mechanically to the new environment.
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# Onboard [REDACTED] as a Minter
The present proposal recommends onboarding [REDACTED] as an additional Minter on the M0 protocol.
The teams at M0 Labs and M0 Foundation have been collaborating with [REDACTED] in order to have it integrate with the M0 protocol for the purpose of holding eligible collateral (as per M0's Adopted Guidance) and minting $M in order to wrap it into M0 extensions designed for client app developers.
Well-known for their stablecoin infrastructure capabilities, [REDACTED] will, if approved, become a Minter for M0 stablecoins out of the US market.
Through this recent collaboration, the M0 teams are satisfied with [REDACTED]'s ability to meet the Adopted Guidance bar from the perspective of holding collateral, completing the technical integration with the M0 protocol, abiding to regulatory requirements, and contracting with existing validator(s).
Governors willing to have access to detailed information should get in touch with the M0 Foundation team, who can, under appropriate NDA, disclose Minter onboarding documentation and any additional information.
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# Update minter rate to 3.58%
The MAP (Monetary Adaptation and Policy) committee is proposing to lower the Minter Rate by 25 bps from 3.83% to 3.58%, in step with the Federal Reserve’s policy rate reduction at the FOMC meeting held on October 29, 2025. By adjusting issuance costs in line with prevailing monetary conditions, the proposal ensures that M0 remains synchronized with broader funding markets. The change is intended to maintain competitiveness for minters while supporting predictable and transparent rate-setting that anchors confidence in the system’s monetary framework.
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# Update earner rate to 3.58%
The MAP (Monetary Adaptation and Policy) committee is proposing to reduce the Earner Rate from 3.83% to 3.58%, following the Federal Reserve’s 25 basis point rate cut taken place on October 29, 2025. The adjustment is designed to keep yield levels offered to earners consistent with benchmark market rates, balancing system sustainability with competitive returns. By aligning earner incentives with the macro environment, the proposal reinforces M0’s commitment to disciplined monetary governance.
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# Update minter rate to 3.83%
The MAP (Monetary Adaptation and Policy) committee is proposing to lower the Minter Rate by 25 bps from 4.08% to 3.83%, in step with the Federal Reserve’s policy rate reduction at the FOMC meeting held on September 17, 2025. By adjusting issuance costs in line with prevailing monetary conditions, the proposal ensures that M0 remains synchronized with broader funding markets. The change is intended to maintain competitiveness for minters while supporting predictable and transparent rate-setting that anchors confidence in the system’s monetary framework
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# Update earner rate to 3.83%
The MAP (Monetary Adaptation and Policy) committee is proposing to reduce the Earner Rate from 4.08% to 3.83%, following the Federal Reserve’s 25 basis point rate cut taken place on September 17, 2025. The adjustment is designed to keep yield levels offered to earners consistent with benchmark market rates, balancing system sustainability with competitive returns. By aligning earner incentives with the macro environment, the proposal reinforces M0’s commitment to disciplined monetary governance.
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# Onboard [REDACTED] as a Minter
The present proposal recommends onboarding [REDACTED] as an additional Minter on the M0 protocol.
The teams at M0 Labs and M0 Foundation have been collaborating with [REDACTED] in order to have it integrate with the M0 protocol for the purpose of holding eligible collateral (as per M0's Adopted Guidance) and minting $M (as well as M0 extensions).
Well-known for their stablecoin infrastructure capabilities, [REDACTED] would become a Minter for M0 stablecoins out of the US market, which is strategically important for the growth of the network.
Through this recent collaboration, the M0 teams are satisfied with [REDACTED]'s ability to meet the Adopted Guidance bar from the perspective of holding collateral, completing the technical integration with the M0 protocol, abiding to regulatory requirements, and contracting with existing validator(s).
Governors willing to have access to detailed information should get in touch with the M0 Foundation team, who can, under appropriate NDA, disclose additional documentation.
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# Update Approved Jurisdictions to Include USA (version 1.50 of Adopted Guidance)
## Background
As the M0 network continues to grow and find demand across the globe, and with the recent passing of the GENIUS act in the United States, ecosystem actors are interested in seeing the broadening of approved jurisdictions. In order to facilitate the onboarding of compliant Minters and collateral storage structures in the future, this proposal recommends the addition of the United States of America as an approved jurisdiction.
## Proposed Changes
### Change #1
#### Section: 3.4. Approved Jurisdictions
**Old:** Given the current technological conditions, and the nature of the Eligible Collateral proposed by the Adopted Guidance, any form of collateral shall only be recognized as Eligible Collateral by the Validator if the SPV is located in one of the jurisdictions listed below:
- Luxembourg
- The Cayman Islands
**New:** Given the current technological conditions, and the nature of the Eligible Collateral proposed by the Adopted Guidance, any form of collateral shall only be recognized as Eligible Collateral by the Validator if the Collateral Storage is located in one of the jurisdictions listed below:
- Luxembourg
- The Cayman Islands
- United States of America
## Ratification of the Present Proposal
The execution of the present proposal shall follow the streamlined Adopted Guidance change process. In such a case - and assuming no other conflicting changes to the Adopted Guidance are proposed in this cycle, the changes mentioned above will have resulted in the proposed version 1.50 of the Adopted Guidance document, as found in the link below. Upon approval of the present proposal, the ratified version of the Adopted Guidance will be updated on [https://docs.m0.org](https://docs.m0.org), and communicated to ecosystem actors.
[https://github.com/m0-foundation/adopted-guidance/blob/main/m0_adopted_guidance_v1.50.pdf](https://github.com/m0-foundation/adopted-guidance/blob/main/m0_adopted_guidance_v1.50.pdf)
New document hash `f171a7c05bdd1e39a14d4799deda12f632195a64014b49688f10c5e3a7a7c28f`.
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# Remove 0x3854702034855287Be0Fb4A040580Cb89621290B from Earner list
It has been pointed out by the Zoth team as well as security researchers in the industry that the Zoth platform has suffered a security breach, and that such breach is likely due to a leakage of administrative privileges. Therefore it is recommended that Zoth be removed from the Earner list.
This proposal is put forward as a matter of conservative protection of the quality and integrity of the ecosystem. This proposal is not a statement on Zoth’s security and integrity. Most importantly, no M^0 protocol components or associated funds have been impacted by this breach - this is isolated to Zoth’s platform only. The Zoth wM subvault was not a target for this incident, and no loss of funds from the subvault are suspected.
A few posts providing context to this incident are listed below:
[https://x.com/zothdotio/status/1903024419028734265?s=43&t=c3bcd4D8R1uwKhGbF_rAyQ](https://x.com/zothdotio/status/1903024419028734265?s=43&t=c3bcd4D8R1uwKhGbF_rAyQ)
[https://x.com/SlowMist_Team/status/1903020756830974217](https://x.com/SlowMist_Team/status/1903020756830974217)
[https://www.binance.com/en/square/post/03-21-2025-zoth-platform-experiences-significant-loss-due-to-security-breach-21842336709346](https://www.binance.com/en/square/post/03-21-2025-zoth-platform-experiences-significant-loss-due-to-security-breach-21842336709346)
Since there are questions as to the soundness of Zoth’s administrative integrity, and since the Zoth platform has been added as an Earner on the M^0 protocol Earner list, it is recommended as a matter of urgency that the Zoth address (below) be removed from the Earner list.
`0x3854702034855287Be0Fb4A040580Cb89621290B`
Entities can be added as Earners again at any point in the future, but for now this is the recommended path as a matter of urgency for governors.
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# [Out of Schedule] Add Usual as an Approved Earner - Claimant Address
Usual is a secure and decentralized fiat-backed stablecoin issuer that redistributes value and ownership through the $USUAL token. Usual issues $USD0 (an RWA stablecoin backed by US Treasury Bill tokens), $USD0++ (an LST of USD0 with a 4-year lock up), and $USUAL (ownership token with revenue distribution).
The M^0 and Usual teams have joinly developed a custom extension of $M called UsualM to serve as backing for USD0. We are requesting to add UsualM as an Approved Earner so that the Usual treasury accrue the Earner Rate for the benefit of USD0 holders.
This proposal adds the claimant address.
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# [Out of Schedule] Add Usual as an Approved Earner - 2
Usual is a secure and decentralized fiat-backed stablecoin issuer that redistributes value and ownership through the $USUAL token. Usual issues $USD0 (an RWA stablecoin backed by US Treasury Bill tokens), $USD0++ (an LST of USD0 with a 4-year lock up), and $USUAL (ownership token with revenue distribution).
The M^0 and Usual teams have joinly developed a custom extension of $M called UsualM to serve as backing for USD0. We are requesting to add UsualM as an Approved Earner so that the Usual treasury accrue the Earner Rate for the benefit of USD0 holders.
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# [Out of Schedule] Add Usual as an Approved Earner
Usual is a secure and decentralized fiat-backed stablecoin issuer that redistributes value and ownership through the $USUAL token. Usual issues $USD0 (an RWA stablecoin backed by US Treasury Bill tokens), $USD0++ (an LST of USD0 with a 4-year lock up), and $USUAL (ownership token with revenue distribution).
The M^0 and Usual teams have joinly developed a custom extension of $M called UsualM to serve as backing for USD0. We are requesting to add UsualM as an Approved Earner so that the Usual treasury accrue the Earner Rate for the benefit of USD0 holders.
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# Add Minter One Generator (SPV) Ltd to Minter List
This proposal will onboard Minter One Generator (SPV) Ltd as a Minter in the M^0 Protocol. This will give Minter One Generator (SPV) Ltd the ability to generate M.
# Add Validator One GmbH to Validator List
This proposal will onboard Validator One GmbH as a Validator in the M^0 Protocol. This will give Validator One GmbH the ability to sign collateral updates from Minters and to Cancel mints or to temporarily Freeze a Minter.
# Set Update Collateral Interval to 30 hours [108,000 seconds]
This proposal sets the Update Collateral Interval to 30 hours. This means that Minters must call the Update Collateral method, along with a valid Validator signature, at least once per 30 hour period in order to avoid penalties.
# Set Update Collateral Validator Threshold to 1
This proposal sets the Update Collateral Validator Threshold to 1 Validator. This means that in order to call the Update Collateral method, a Minter must receive the valid signature of at least one Validator.
# Set Penalty Rate to 0.05% [5 bps]
This proposal sets the Penalty Rate to 0.05%. This means that whenever a Minter misses a collateral update interval, or allows their portfolio of collateral to shift into bank deposits, they will be punished at a rate of 0.05% on the errant balance.
# Set Mint Ratio to 95% [9,500 bps]
This proposal sets the Mint Ratio to 95%. This means that Minters will be able to generate up to 95% of the value of their eligible collateral as M.
# Set Mint Delay to 1 hour [3,600 seconds]
This proposal sets the Minter Delay to 1 hour. This means that when a Minter proposes to generate M, they will need to wait an hour to actually generate the M. This is done to provide Validators a window in which they can review proposed M generations to potentially cancel the transaction in case of an error.
# Set Mint TTL to 3 hours [10,800 seconds]
This proposal sets the Mint TTL (time to live) to 3 hours. This means that after a Minter is able to generate M, the Mint ID will be viable for 3 hours. After this time period, the Mint ID will expire and the Minter will need to re-propose the M generation.
# Set Minter Freeze Time to 6 hours [21,600 seconds]
This proposal sets the Minter Freeze Time to 6 hours. This means that if a Validator calls the Freeze method on a Minter, they will not be able to propose the generation of M for at least 6 hours. If a Validator calls Freeze again in this timeframe, it will reset the 6 hour window.
# Set Minter Rate to 1% [100 bps]
This proposal sets the Minter Rate to 1%. This means that Minters will pay an annualized 1% on any Owed M (i.e. M that they have generated).
# Set Minter Interest Rate Model smart contract
This proposal sets the Minter Rate Model smart contract to 0xcA144B0Ebf6B8d1dDB5dDB730a8d530fe7f70d62, which returns a constant value of Minter Rate set by the governance.
# Set Max Earner Rate to 5% [500 bps]
This proposal sets the Max Earner Rate to 5%. This means that any address on the Earner List will be earning up to an annualized 5% on M held in their account.
# Set Earner Interest Rate Model smart contract
This proposal sets the Earner Rate Model smart contract to 0x6b198067E22d3A4e5aB8CeCda41a6Da56DBf5F59. The resulting earner rate is derived from 3 parameters - total active owed M, total earning supply, and current minter rate - to determine a safe earner rate, which is capped by the Max Earner Rate. The safe earner rate ensures that the amount of M paid to Earners never exceeds the amount of M charged to Minters (via the Minter Rate).