Mountain Protocol - Permissionless Yield-Bearing Stablecoin

Company Overview

Mountain Protocol is a regulated financial institution offering USDM, the first permissionless yield-bearing stablecoin. Built with institutional-grade infrastructure, USDM is fully backed by short-term US Treasuries and offers transparent, regulatory-compliant yield to holders.

Note: USDM is concluding Phase 2 of its orderly wind down process on August 22, 2025. The primary market will close on that date.

Core Product

USDM Stablecoin

A permissionless ERC20 stablecoin fully collateralized by short-term US Treasuries. USDM operates similarly to leading fiat-backed stablecoins like USDC, allowing free transfers, smart contract deposits, and DeFi protocol integration.

Key Features

Permissionless Design

USDM is a standard ERC20 token compatible with any smart contract. Both primary users (account holders) and secondary users can freely transfer and interact with DeFi protocols.

Treasury Backing

Reserves composed exclusively of short-term US Treasuries—considered the lowest risk USD-denominated asset—held in segregated, bankruptcy-remote accounts.

Institutional Partnerships

Built on Fireblocks MPC custody with smart contracts audited by OpenZeppelin. Partnerships with tier-one financial institutions.

Multi-Chain Availability

Natively supported on Ethereum, Polygon, Arbitrum, Optimism, Base, ZKSync Era, Celo, and Avalanche.

Unique Selling Points

Transparent Asset Claim

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

Bankruptcy Protection

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

Regulatory Oversight

Mountain Protocol operates as a regulated financial institution with third-party attestations.

Important Notice

USDM is not accessible to US persons and certain restricted jurisdictions. The primary market will close August 22, 2025.