The first permissionless yield-bearing stablecoin

5.00% APY

Institutional-grade. Regulated. Transparent.

Backed by

Multicoin Capital
Castle Island Ventures
Coinbase Ventures
Bankless Ventures
New Form

Transparent asset claim

A simple link between token and underlying assets, removing complex legal structures.


Tier-one institutional partnerships

As a regulated financial institution Mountain Protocol partners with top-tier institutions.


Robust bankruptcy protection

USDM reserves are to be treated as a separate asset class in the event of bankruptcy.

Access 5% APY

Simply hold USDM in your wallet and earn daily rewards.

Permisionless and composable

USDM is a permissionless ERC20, similar to leading fiat-backed stablecoins. USDM is compatible with any smart contract that supports the ERC20 standard.

Leading security standards

Security standards, including audit by Open Zeppelin, a leading smart contract audit firm and building on top of Fireblocks, a leading MPC custody solution.

Regulated and transparent

USDM Reserves are held in a bankruptcy remote setup, with collateral proof of reserves, third party attestations and regulatory oversight.

Mountain Protocol works with trusted global leaders

Coinbase Prime

USDM operates in a very similar way as other fiat-backed stablecoins like USDC or USDP. Primary users (those who have an account with Mountain Protocol) can mint and redeem USDM at $1. Both primary and secondary users can freely transfer their USDM, deposit it into smart contracts, and interact with any protocol that is compatible with the ERC20 standard.

USDM is fully collateralized by "USDM Reserves", held in segregated, bankruptcy remote accounts. Reserves are composed exclusively by short-term US Treasuries. Short term US government debt is considered the lowest risk USD-denominated asset. "USDM Reserves" differ from most fiat-backed stablecoins in that the composition of stablecoins and bank deposits is minimized, to mitigate counterparty risk.

Currently, USDM is natively supported on Ethereum, Polygon, Arbitrum, Optimism and Base. Mountain Protocol plans to bring native issuance to other blockchains in the future. If you are a looking to bring USDM to a specific blockchain, contact us.

USDM can be purchased directly from Mountain Protocol by Primary users, which are those with an active Mountain Protocol account. Users need to be incorporated businesses in supported countries and complying with the Terms of Service of Mountain Protocol. Secondary users can acquire USDM from Primary users, from other Secondary users or via decentralized exchanges.

USDM rebases daily, accruing new tokens regardless of where the USDM is held. The mechanism of rebasing modifies the balanceOf via a rewardMultiplier. For more details, refer to the documentation here.


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