Mountain USDM token
Overview
Mountain USDM (USDM) was a permissioned, yield-bearing stablecoin issued by Mountain Protocol, fully backed 1:1 by short-term U.S. Treasury bills with yield from the underlying Treasuries distributed to holders. After Mountain Protocol agreed to be acquired by Anchorage Digital, USDM began an orderly wind-down in 2025: in the final phase, on August 22, 2025, the remaining reserves were moved into a Uniswap pool, and holders redeem via secondary markets and that pool (backed 1:1 by USDC).
Within the DeFi Intel graph, Mountain USDM connects to tracked entities, most strongly to Mountain Protocol, Anchorage Digital, Ethereum.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted).
| Relation | Connected entity | Confidence |
|---|---|---|
issued_by | Mountain Protocol | 95% |
acquired_by | Anchorage Digital | 90% |
deployed_on | Ethereum | 90% |
deployed_on | Arbitrum | 90% |
backed_by | U.S. Treasury Bills | 90% |
Frequently asked questions
What is Mountain USDM?
Mountain USDM (USDM) was a yield-bearing stablecoin issued by Mountain Protocol, backed 1:1 by short-term U.S. Treasury bills with yield passed to holders. It entered an orderly wind-down in 2025.
Is Mountain USDM still active?
No. After Mountain Protocol agreed to be acquired by Anchorage Digital, USDM began an orderly wind-down. In the final phase, on August 22, 2025, the remaining reserves were moved into a Uniswap pool, and holders redeem via secondary markets and that pool.
What was the backing of Mountain USDM?
Mountain USDM was fully backed by short-term U.S. Treasury bills, redeemable 1:1 for USDC or fiat during the wind-down.
What is Mountain USDM connected to?
In the DeFi Intel knowledge graph, Mountain USDM is linked to other tracked entities, most strongly to Mountain Protocol, Anchorage Digital, Ethereum.
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