Switzerland-based M0, a developer of infrastructure that lets institutions issue application-specific stablecoins, has raised $40 million in Series B financing. The round was co-led by crypto investor Polychain Capital and fintech-focused Ribbit Capital, with additional backing from Endeavor Catalyst, Pantera Capital and Bain Capital Crypto. The latest injection lifts M0’s cumulative fundraising to about $100 million since its 2023 founding. M0 says its platform separates reserve management from programmability, allowing regulated entities to hold assets such as cash and U.S. Treasuries while developers control how the tokens move. The network reached more than $300 million in outstanding stablecoin supply in July, more than doubling since January, and will underpin MetaMask’s planned mUSD token as well as projects from Noble, Usual and gaming firm Playtron. Chief Executive Officer Luca Prosperi said the funding will be used to expand the “layer-zero” stablecoin network and attract additional issuers amid heightened venture and corporate interest in dollar-pegged cryptocurrencies following the enactment of U.S. stablecoin rules earlier this year.