Mountain Protocol offers USDM, a permissionless yield-bearing stablecoin backed by short-term US Treasuries, providing users with a 5% annual percentage yield (APY) while ensuring regulatory compliance and robust bankruptcy protection. This solution addresses the lack of secure, transparent access to risk-free rates in the cryptocurrency market, enabling users to earn rewards simply by holding USDM in their wallets.
Funding
$12M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
MCFounders
Product
Problem
The cryptocurrency market lacks secure and transparent avenues for accessing risk-free rates, leaving users without reliable options to earn yield on their holdings while ensuring regulatory compliance and bankruptcy protection. Existing stablecoins often involve complex legal structures and counterparty risks.
Solution
Mountain Protocol offers USDM, a permissionless, yield-bearing stablecoin fully backed by short-term U.S. Treasuries held in segregated, bankruptcy-remote accounts. By holding USDM in their wallets, users earn a 5% annual percentage yield (APY) through daily rebasing. USDM operates as an ERC20 token, ensuring compatibility with any smart contract supporting the ERC20 standard, and can be freely transferred and deposited into smart contracts. Mountain Protocol mitigates counterparty risk by minimizing exposure to stablecoins and bank deposits within its reserves.
Target Audience
The primary target audience includes incorporated businesses in supported countries seeking a regulated and transparent yield-bearing stablecoin, as well as secondary users who acquire USDM through primary users or decentralized exchanges.
Features
- Earn 5% APY simply by holding USDM in a wallet
- Fully collateralized by short-term U.S. Treasuries
- Reserves held in segregated, bankruptcy-remote accounts
- Functions as a permissionless ERC20 token, compatible with any ERC20-compatible smart contract
- Transparent asset claim, removing complex legal structures
- Audited by Open Zeppelin
- Built on Fireblocks MPC custody solution
- Natively supported on Ethereum, Polygon, Arbitrum, Optimism, and Base