{"_id":"token-436665","name":"Mountain Protocol USDM","ticker":"USDM","pillar":"Fixed Income","type":"Yield Stablecoins","category":"Yield Stablecoins","description":"Regulated (Bermuda Monetary Authority) yield-bearing stablecoin: rebases daily, backed by short-term US Treasuries. The 'compliance-first' counterpart to DeFi-native yield stablecoins. Update: after Mountain Protocol was acquired by Anchorage Digital (2025) USDM was wound down — minting stopped on 12 May 2025, rewards were set to 0% after 30 days, and primary redemptions closed later in 2025; remaining tokens trade only on secondary markets.","apy":"0% — rewards ended in the 2025 wind-down","risk":"Low","minInvestment":"None","issuer":"Mountain Protocol","yieldSource":"Short-term US Treasuries","maturity":null,"term":null,"liquidity":"ERC-20, transferable; DEX liquidity","aum":"~$185M","network":"Ethereum (+L2s)","country":"Bermuda (non-US persons)","custody":"Self-custody","howToBuy":"Mint at mountainprotocol.com (KYC) or buy on a DEX","rating":null,"kyc":"Required to mint","networkFee":null,"networkFeeUsd":null,"investUrl":"https://mountainprotocol.com/usdm/","source":"https://gov.curve.finance/t/fully-deprecate-usdm-pegkeeper-part-3/10656","lastVerified":"2026-10-18","featured":false,"apyPct":null,"apyPctLow":null,"apyPctHigh":null,"apyKind":"none","minInvestmentUsd":0,"custodyType":"self","access":{"kycMint":"required","kycSecondary":"none","kycRedeem":"unknown","accreditedOnly":false,"whitelistRequired":false},"verified":"curated","isin":null,"underlyingSymbol":null,"underlyingIsin":null,"lifecycle":"terminated","maturityDate":null,"contract":null,"targetArea":[],"areas":[],"_links":{"page":"https://tokenbank.world/token/USDM","all":"https://tokenbank.world/api/tokens"},"_disclaimer":"Sourced figures; yields are variable and not guaranteed. Target/Area describe who the issuer aims the product at and where. They are not an eligibility check — who may buy is set by the issuer. Not investment advice. Verify the source before relying on any figure."}