M^0 (pronounced "M Zero"), a decentralized stablecoin minting protocol, has raised $35 million in a Series A funding round led by Bain Capital Crypto.

Other investors in the round included Galaxy Ventures, Wintermute Ventures, GSR, Caladan and SCB 10X, M^0 said Wednesday. The project began raising for the round in late January and closed it in early May, Luca Prosperi, president of the M^0 Foundation Council, told The Block.

The round was structured as equity plus tokens, with M^0 issuing its two "governance tokens" — POWER and ZERO — to investors, subject to a lock-in period, Prosperi said. He added that this lock-in period is in line with "prudent business and regulatory practices." He declined to comment on the valuation.

M^0's Series A round comes over a year after it raised $22.5 …