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M^0, a decentralized stablecoin infrastructure layer, is setting a new standard for stablecoin design with its innovative modular architecture, revenue and distribution model. Its first distributor, Noble, is pulling back the curtain on the Noble dollar, USDN, in a bid to shake up the market and disrupt entrenched players.

For the entire history of stablecoin issuance, Tether has been the dominant issuer. Its market share on Ethereum dipped to 30% in 2022 — following growth in Circle’s USDC and Binance’s BUSD — but thanks to its near monopoly on the Tron blockchain, Tether’s market…

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