WrappedM (wM) is a non-rebasing ERC-20 wrapper token for the rebasing $M stablecoin issued by the M0 protocol, designed to maintain full yield-earning capabilities while solving compatibility issues with DeFi protocols, on-ramps, and utilities that do not support dynamic balance changes from rebasing.

It works by holding a 1:1 backing of the underlying $M in the wrapper contract, where user balances remain static (no automatic rebasing), accrued yield is tracked separately and claimed manually/explicitly, and solvency is preserved through a strict invariant (M balance in contract ≥ total wM supply + accrued yield), with excess reserves from yield and minor rounding effects accumulating to benefit the broader M0 ecosystem.

WrappedM concentrates liquidity and expands utility for M0-based stablecoins without compromising yield or security.