M^0, an EVM protocol for stablecoin coordination, has announced its expansion to Solana. Its first user on this blockchain will be Kast, a platform offering banking-like services with stablecoins. M^0 provides a stablecoin ‘building block’ called $M, backed by US Treasury bills, allowing clients to customize their stablecoins. Kast plans to launch two Solana stablecoins: one for payments and another for savings. These tokens will eventually enable swaps for other $M stablecoins on Solana and offer cross-ecosystem bridging capabilities via Wormhole. While M^0 aims to consolidate the fragmented stablecoin market, the current stablecoin landscape is dominated by Circle's USDC and Tether's USDT, which together account for 94% of Solana's stablecoins. M^0's collaborators hope to create competition, especially with respect to the dependency on USDC, which benefits Coinbase financially. M^0's chief strategy officer mentioned that additional companies are expected to utilize $M for stablecoin development on Solana.

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