Mountain Protocol

Mountain Protocol Limited is a digital asset issuer founded in 2023 by Martin Carrica and Matias Caricato, headquartered in Pembroke, Bermuda, and licensed by the Bermuda Monetary Authority as a Digital Asset Business under license number 202302512. The company is the issuer of USDM, the first permissionless regulated yield-bearing stablecoin that... provides access to the risk-free rate through a secure, regulated, and enterprise-grade product designed to elevate the world finance industry. USDM is a rebasing ERC20 token pegged 1:1 to the US dollar, fully backed by US Treasuries held under custody with Fidelity in bankruptcy-remote accounts segregated from the company's operating accounts, offering permissionless composability, regulatory compliance, and an enterprise-grade setup with a seamless user experience. The stablecoin rebases daily, accruing new tokens and providing yield that is distributed directly to holders regardless of where USDM is held, with rewards accumulated daily and available across multiple blockchain networks including Ethereum Mainnet, Polygon, Arbitrum One, Optimism, Base, ZKSync Era, Avalanche, and Celo. Mountain Protocol raised 12 million dollars in total funding over two rounds, including an 8 million dollar Series A round in June 2024 led by Multicoin Capital, with investors including Coinbase Ventures, Bankless Ventures, Wormhole, Castle Island Ventures, and Department of XYZ. The company operates a platform that allows primary users with approved accounts to purchase and redeem USDM with USDC, while secondary users can acquire USDM through decentralized exchanges, liquidity pools, or from other USDM holders, with the token available for use in DeFi applications including swap pools, lending protocols, payment settlement mechanisms, and liquidity provision. In May 2025, Anchorage Digital, a federally chartered crypto bank and custodian, signed a definitive agreement to acquire Mountain Protocol, with plans to integrate Mountain's technology, team, and licensing structure into its ...Read More