Mountain protocol
Overview
Mountain Protocol was a DeFi issuer of USDM, a yield-bearing stablecoin backed by short-term US Treasury bills and regulated by the Bermuda Monetary Authority under the real-world asset (RWA) tokenization category. In May 2025 Mountain agreed to be acquired by Anchorage Digital and began an orderly wind-down of USDM: the primary market closed and Phase 2 of the wind-down concluded on 2025-08-22, after which USDM was no longer redeemable at $1 directly from Mountain. As of 2026-07-15 USDM is no longer an active Mountain-backed stablecoin.
Relations
No connections recorded for this entity in the DeFi Intel knowledge graph yet.
Frequently asked questions
What is Mountain Protocol?
Mountain Protocol is a DeFi protocol that issues USDM, a yield-bearing stablecoin backed by short-term US Treasury bills.
Who regulates Mountain Protocol?
Mountain Protocol is regulated by the Bermuda Monetary Authority.
How does USDM generate yield?
USDM generates yield from the underlying short-term US Treasury bills that back the stablecoin.
Sources
- Mountain Protocol — USDM wind-down overview
- CoinDesk — Anchorage Digital to acquire Mountain Protocol
Live news feed, full graph, and search.