Mountain Protocol

On-chain AUM$1.4m

Platform totals

Live assets1

Chains1

DeFi TVL$32,251

DeFi TVL / AUM2.31%

Confirmed attestations1 / 1

Primary accessPermissionless (1)

Totals for filtered assets

$1.4m

$32,251

Assets Rankings

Name	Asset Group
Mountain Protocol USDMUSDM	Bonds	$1	$1.4m	$1.4m	$32,251	2.31%			Mountain Protocol	RWA Stablecoins	Yield RWA Stable	Permissionless	Asset	RWA	Mountain Protocol Ltd	Yes	Yes		Yes		Yes	Yes

About Mountain Protocol

Mountain Protocol Ltd is a Bermuda Monetary Authority (BMA) Class F-licensed digital asset business issuing USDM, a yield-bearing stablecoin backed 1:1 by short-duration US Treasuries. Founded 2023 by Martin Carrica (ex-Buenbit) and Manuel Pacheco and headquartered in Hamilton, Bermuda. USDM rebases daily to pass through net Treasury yield to holders (currently ~4-5% APY net of fees) and is restricted to non-US KYC'd holders. Mountain was acquired by Anchorage Digital (announced November 2023), but continues to operate USDM under its existing BMA license. USDM is one of the first BMA-licensed yield-bearing stablecoins and competes with Ondo USDY, Sky's sUSDS, and Ethena USDe in the yield-stablecoin category.

Yield RWA StableRWA StablecoinsPermissioned

Website Docs

Profile

Primary chain: Ethereum
Parent platform: Mountain Protocol
Issuer: Mountain Protocol Ltd (Bermuda)

Economics & revenue

Holder total fee50 bps

Asset manager take50 bps

Tokenization platform take0 bps

Yield spread retained50 bps

Mint fee0 bps

Redemption fee0 bps

Float incomeNo

Revenue confidenceReasoned Estimate

Fees last verified2026-05-10

Attestations & milestones

Attestation frequency: Monthly proof-of-reserves attestation by The Network Firm LLP
Last attestation: Monthly

Revenue methodology & documents

Revenue model: Yield Spread

Mountain Protocol retains a portion of the underlying Treasury yield as protocol revenue. The 50 bps estimate is based on the historical gap between Mountain's published USDM rebase rate and prevailing 4-week T-bill yields. Mountain does not publicly disclose the exact spread; figure should be verified against current FAQ or by tracking the rate differential.

Issuer document

Issuer registry, regulation & leadership

Issuer registry

Mountain Protocol Ltd is a Bermuda-incorporated company regulated by the Bermuda Monetary Authority (BMA) under a Class F Digital Asset Business Act (DABA) license, granted 2023. USDM is fully backed by short-duration US Treasuries and cash held at qualified Bermuda banks. Founders: Martin Carrica (CEO, ex-Buenbit) and Manuel Pacheco. Backed by Coinbase Ventures, Multicoin Capital, Castle Island Ventures, Bankless Ventures, Distributed Global, and others. Auditor: The Network Firm LLP (proof-of-reserves). USDM was the first BMA-licensed yield-bearing stablecoin; non-US-only access model. Tether-style reserve attestations published monthly.

Issuer source