Mountain Protocol USDM product
Overview
Mountain Protocol USDM was a yield-bearing stablecoin issued by Mountain Protocol, a Bermuda-regulated issuer. It was fully backed by short-term US Treasury bills and designed to maintain a 1:1 peg to the US dollar while passing through the yield from the underlying assets to holders. USDM operated primarily on Ethereum. As of 2026-07-16, USDM has been wound down: following Mountain Protocol's acquisition by Anchorage Digital, the protocol began an orderly wind-down in 2025, closed primary-market redemptions on 22 Aug 2025, and no longer operates a redemption, custody, or support platform.
Within the DeFi Intel graph, Mountain Protocol USDM connects to 11 tracked entities, most strongly to Ethereum, Mountain Protocol, Arbitrum.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 11 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Ethereum | 95% |
issued_by | Mountain Protocol | 95% |
deployed_on | Arbitrum | 90% |
deployed_on | Base | 90% |
deployed_on | Polygon | 90% |
deployed_on | Optimism | 90% |
issued_by | Mountain Protocol | 90% |
regulated_by | Bermuda Digital Asset Business Act 2018 | 90% |
integrates | ERC-4626 Tokenized Vault Standard | 85% |
integrates | Pendle | 80% |
Frequently asked questions
What is Mountain Protocol USDM?
Mountain Protocol USDM is a yield-bearing stablecoin issued by Mountain Protocol. It is fully backed by short-term US Treasury bills and designed to maintain a 1:1 peg to the US dollar while passing through the yield from the underlying assets to holders.
What chains is USDM deployed on?
USDM is deployed on Ethereum, Polygon, Arbitrum, Optimism, and Base.
Who regulates Mountain Protocol USDM?
Mountain Protocol USDM is regulated by the Bermuda Digital Asset Business Act 2018.