Mountain Protocol company
Overview
Mountain Protocol was the issuer of USDM, a yield-bearing stablecoin backed by short-term US Treasury securities, and was regulated by the Bermuda Monetary Authority. Unlike conventional stablecoins that retain the interest earned on reserves, USDM passed that yield through to holders, making it one of the earlier regulated yield-bearing dollar tokens available on-chain. In May 2025 the crypto bank Anchorage Digital announced a definitive agreement to acquire Mountain Protocol, folding its technology and team into Anchorage's operations subject to regulatory approval, as part of a broader push into stablecoin issuance. Critically for anyone still holding the token: following the acquisition Mountain Protocol discontinued the issuance of USDM. The company therefore no longer operates as an independent stablecoin issuer, and the deal was widely read as part of a consolidation wave in the stablecoin sector. Mountain Protocol launched USDM as a Bermuda-regulated, Treasury-backed yield-bearing stablecoin. In May 2025 it signed a definitive agreement to be acquired by Anchorage Digital, and USDM issuance was wound down following the deal.
Within the DeFi Intel graph, Mountain Protocol connects to 14 tracked entities, most strongly to Anchorage Digital, Anchorage Digital, MegaUSD.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 14 total).
| Relation | Connected entity | Confidence |
|---|---|---|
acquired | Anchorage Digital | 95% |
acquired_by | Anchorage Digital | 95% |
issued_by | MegaUSD | 95% |
issued_by | Mountain Protocol USDM | 95% |
issued_by | Mountain USDM | 95% |
issued_by | Moneta | 95% |
involves | Anchorage Digital Acquires Mountain Protocol | 95% |
issued_by | Mountain Protocol USDM | 90% |
regulated_by | Bermuda Monetary Authority | 90% |
issued_by | USDM (Mountain Protocol) | 90% |
Frequently asked questions
What is Mountain Protocol?
Mountain Protocol is a stablecoin_issuer tracked in the DeFi Intel knowledge graph. It is connected to 14 other tracked entities, most strongly to Anchorage Digital, Anchorage Digital, MegaUSD.
What type of entity is Mountain Protocol?
Mountain Protocol is classified as a stablecoin_issuer (company) in the DeFi Intel knowledge graph.
What is Mountain Protocol connected to?
In the DeFi Intel knowledge graph, Mountain Protocol is linked to 14 other tracked entities, most strongly to Anchorage Digital, Anchorage Digital, MegaUSD.
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