MakerDAO securer Chronicle is launching its real-world asset oracle via integration with Ethereum ETH +1.37% -based stablecoin minting protocol M^0 (pronounced "M Zero").

Oracles are entities that connect blockchains to the outside world, thus enabling smart contracts to execute based on external inputs and outputs. Real-world assets, often simply referred to as RWAs, are tokens that represent physical assets.

Chronicle acts as an independent validator that verifies M^0's collateral balances by providing up-to-date information on the off-chain collateral minters use to generate the fungible cryptodollar $M. The M stablecoin is overcollateralized using U.S. Treasuries.

M — described by the projects as a decentralized, interoperable and fungible cryptodollar — is generated by minters that lock collateral in an off-chain storage facility. To mint M, entities need permission from the protocol's governance. The first M tokens were minted in late July.

"The M^0 team anticipates that the system will scale to several billions of dollars over the coming years, of which Chronicle will be a key component to the overall transparency of the protocol," Chronicle founder Niklas Kunkel said.

"We believe real-world assets represent the next frontier in Web3 innovation and we’re thrilled to continue leading on this as one of the first RWA oracles working in collaboration with other industry players to reshape the global financial order and bring about true DeFi," he added.

"This partnership enhances the security and transparency of our collateral verification processes, ensuring the integrity and reliability of our $M cryptodollar," M^0 co-founder and chief architect Greg Di Prisco added — noting that, in his opinion, "this integration reflects M^0’s commitment to delivering absolute transparency to $M holders."

Chronicles RWA oracle partnership with M^0 is the latest in its series of industry collaborations. It was previously selected as the launch partner for Circle's EURC stablecoin deployment, as chosen by Reserve and Re7 to secure a new market on Morpho on Layer-2 Base.

M^0 previously raised $35 million in Series A funding led by Bain Capital Crypto with participation from Galaxy Ventures, GSR and others.

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