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Mountain Protocol
Active AUM
$1.4mKey Metrics
Onchain AUM$1.4m
Change (24h)+0.32%
Active / Onchain100%
DeFi Active TVL$29,557
Change (24h)-0.30%
Utilization2.1%
Largest ProtocolCurve DEX$25,693
Net Flows 30d—
Net Flows 7d—
Live Assets1
Issuers1
Asset rankings
| Name | Chains | Asset Type | AUM | DeFi | Flows | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Yield RWA Stable | $1.4m | $1.4m | -0.05% | $29,557 | 2.11% | -9.50% | $1 | |||
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.
Entity
Legal entityMountain Protocol Ltd (Bermuda)
Primary chainEthereum
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.
Compliance
Of 1 assets
Attested1 of 1
KYC to mint or redeem1 of 1
Allowlisted to holdunknown
Transferable1 of 1
Self custody1 of 1
Redeemable1 of 1
Attestation frequencyMonthly proof-of-reserves attestation by The Network Firm LLP
Fees & revenue
Revenue modelYield Spread
ConfidenceReasoned Estimate
Holder Total Fee50 bps
Asset Manager Take50 bps
Tokenization Platform Take0 bps
Yield Spread Retained50 bps
Mint Fee0 bps
Redemption Fee0 bps
Float IncomeNo
Fees Last Verified2026-05-10
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.