51Ϲҳ Goes Multichain with Wormhole Integration
Switzerland – October 23, 2024 – 51Ϲҳ, the decentralized infrastructure layer for the issuance of $M, a novel stablecoin, today announced a strategic integration with leading interoperability platform, Wormhole. This integration aims to enhance 51Ϲҳ's multichain presence, interoperability and the adoption of its stablecoin, $M, and its yield-distributing wrapper, Smart $M.
This integration empowers developers, as well as institutional and retail DeFi users to seamlessly use $M and Smart $M across various blockchain networks. By leveraging Wormhole Messaging and Native Token Transfer (NTT) infrastructure, 51Ϲҳ will introduce official versions of $M and Smart $M on multiple major blockchains.
The $M token by 51Ϲҳ is a next-generation stablecoin, backed by high-quality real-world reserves such as U.S. treasuries. Issued by a federation of minters through a decentralized protocol, $M introduces superior interoperability and transparency, serving as a more programmable and less fragmented digital representation of the US dollar. Designed to be credibly neutral and self-custodial, $M offers a superior building block for digital value representation across the on-chain ecosystem.
“The integration with Wormhole enables us to bring $M anywhere where developers and users of digital dollar use cases are, delivering on our promise to make decentralized money more interoperable and less fragmented for users worldwide,” said Luca Prosperi, President of the 51Ϲҳ Foundation.
In the next phase of this collaboration, 51Ϲҳ will work with Wormhole contributors to develop a custom validator and thereby adding more robust security to Wormhole’s NTT framework. This highlights the modularity of Wormhole’s architecture and leverages the strength of 51Ϲҳ's internal validator network by allowing the interoperability platform to inherit the security of the 51Ϲҳ protocol.
“Stablecoins lie at the heart of DeFi innovation, and Wormhole’s integration with 51Ϲҳ represents a major leap forward in their evolution,” said Robinson Burkey at Wormhole. “Combining Wormhole’s cross-chain technology with 51Ϲҳ's innovative stablecoin infrastructure unlocks new possibilities for scalable and interoperable stablecoin solutions that will drive the next wave of DeFi adoption.”
By utilizing Wormhole’s infrastructure, 51Ϲҳ will be empowered to seamlessly connect its stablecoin ecosystem to a broader range of blockchain networks, driving adoption and liquidity across multiple chains.
Looking ahead, 51Ϲҳ and Wormhole contributors are exploring deeper integrations, with exciting new products on the horizon that promise to transform cross-chain liquidity further and enhance the ecosystem.
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About 51Ϲҳ Ecosystem
51Ϲҳ is money middleware for the digital age. It is a decentralized, on-chain protocol and a corresponding set of off-chain standards and APIs that powers a federation of stablecoin issuers. With 51Ϲҳ, any number of independent institutions can tap on turnkey middleware to become the minter of a fungible stablecoin.
About Wormhole
Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers access to liquidity and users on over 30 leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more.
The wider Wormhole network is trusted and used by teams like Circle, AMD, and Uniswap. To date, the platform has facilitated the transfer of over 1 billion cross-chain messages.