M vs ONDO
M by M0 and Ondo Yield Assets, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and M/ONDO spread
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M by M0 is a dollar-denominated token tracked across 6 chains. No verified issuer disclosure is on file, so its collateral and legal structure score conservatively.
Verdict band: Adequate
Ondo Yield Assets issues dollar-denominated tokenized real-world assets across 10 chains. Value shown is on-chain assets under management.
Verdict band: Adequate
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 73 | 66 | M |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 55 | 55 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $1.06B | $0.00 | M |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 48 | 48 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | 0.000% | 0.000% | Tie |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 53 | 53 | Tie |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $272.04M | $2.52B | ONDO |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 6 chains | 10 chains | ONDO |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | None | None | Tie |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
M scores higher on safety (73 vs 66), driven mainly by collateral quality and disclosure. M has deeper tracked liquidity ($1.06B), which is what determines whether you can exit at size.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: M or ONDO?
Capital preservation over everything else.
For park cash safely, M is the better fit over ONDO.
- Safety score 73 vs 66, with collateral rated 55/100.
- Current peg deviation 0.000% against 0.000% for ONDO.
- No material depeg recorded for M in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
M
- Issuer and banking risk: reserves sit with Undisclosed under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Limited public attestation of reserves.
- Chain concentration: 91% of supply sits on Ethereum.
ONDO
- Issuer and banking risk: reserves sit with Ondo Yield Assets under Not documented rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
| Metric | M | ONDO |
|---|---|---|
| Category | Stablecoin | Tokenized Treasury |
| Issuer | Undisclosed | Ondo Yield Assets |
| Jurisdiction | Not documented | Not documented |
| Collateral | fiat-backed | treasuries |
| Peg mechanism | fiat-backed | asset-backed |
| Attestation | none | monthly |
| Redemption | market-only | gated |
| Price | $1.0000 | $1.0000 |
| Peg deviation | 0.000% | 0.000% |
| Market cap | $272.04M | $2.52B |
| 7d supply change | −3.61% | −0.19% |
| Liquidity | $1.06B | $0.00 |
| Best yield | None | None |
| Chains | 6 | 10 |
| Launched | — | — |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (M vs ONDO)
- +0.0 bps
- $1.0000 vs $1.0000
- Peg deviation gap
- 0.000 pp
- M 0.000% · ONDO 0.000%
- Yield spread
- +0.00%
- M — · ONDO —
- Liquidity ratio
- —
- $1.06B vs $0.00
A round trip between M and ONDO costs roughly the market spread plus venue fees. At 0.0 bps of price gap, swapping $1M implies about $0.00 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Chain coverage
M is live on 6 chains, ONDO on 10. 4 chains carry both, so bridging is only unavoidable for the 8 networks where just one of them is deployed.
| Chain | M | ONDO | Both available |
|---|---|---|---|
| $246.43M | $1.27B | Yes | |
| — | $532.58M | ONDO only | |
| — | $257.34M | ONDO only | |
| — | $212.85M | ONDO only | |
| $15.47M | $178.55M | Yes | |
| — | $28.49M | ONDO only | |
| $2.26M | $14.36M | Yes | |
| — | $14.00M | ONDO only | |
| $7.25M | — | M only | |
| $165.8K | $3.64M | Yes | |
| — | $2.10M | ONDO only | |
| $466.7K | — | M only |
M vs ONDO: frequently asked questions
Is M or ONDO safer?
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On our composite safety score M rates 73/100 versus 66/100 for ONDO. The score weighs collateral quality (fiat-backed vs treasuries), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between M and ONDO?
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M by M0 is issued by Undisclosed (Not documented), backed by fiat-backed, with redemption terms: market-only. Ondo Yield Assets is issued by Ondo Yield Assets (Not documented), backed by treasuries, with redemption terms: gated. Attestation coverage is "none" for M and "monthly" for ONDO.
Which has the bigger market cap, M or ONDO?
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ONDO is larger at $2.52B in circulating supply, against $272.04M for the other. Over the last 7 days supply moved −3.61% for M and −0.19% for ONDO.
Are M and ONDO trading at $1.00 right now?
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M trades at $1.0000 (0.000% off peg) and ONDO at $1.0000 (0.000% off peg). The gap between the two is about 0.0 basis points, which is the cost you pay when rotating size between them before fees.
Has M or ONDO ever depegged?
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M: no material depeg recorded in our incident set. ONDO: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, M or ONDO?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. M shows deeper on-chain liquidity at $1.06B versus $0.00. Combine that with the redemption channel — M: market-only; ONDO: gated — and size trades against the primary window rather than the order book where possible.
Can I earn yield on M or ONDO?
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Neither M nor ONDO currently has a tracked yield venue in our dataset. Holding either in a wallet pays nothing; any advertised rate comes from lending or liquidity provision on top, with its own risk.
Which chains support both M and ONDO?
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Both are deployed on 4 shared networks, including Ethereum, Solana, Noble, Arbitrum. M spans 6 chains in total and ONDO spans 10. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from M to ONDO?
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Budget three components: the current price spread of roughly 0.0 bps, swap or venue fees, and slippage against available depth ($1.06B for M, $0.00 for ONDO). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is M or ONDO regulated?
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M is issued from Not documented with none; ONDO is issued from Not documented with monthly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.