Mountain Protocol USDM
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.
No KYC on secondary market · self-custody
Mint at mountainprotocol.com (KYC) or buy on a DEX
Who may buy is set by the issuer — check their terms.
Where to buy USDM
Open in trader view →USDM trades on 3 exchanges and DEXs. The largest by 24-hour volume:
| Venue | Pair | 24h volume | Spread |
|---|---|---|---|
| DEXUniswap V3 (Celo) ↗ | USDM/USDM | $23 | 0.82% |
| DEXUniswap V3 (Celo) ↗ | USDM/? | $12 | 0.82% |
| DEXCurve (Base) ↗ | USDM/? | $3 | 0.77% |
Source: CoinGecko, 2026-10-19 · listed by volume, not a recommendation · check that the venue serves your country
Key facts
- Yield / return
- 0% — rewards ended in the 2025 wind-down
- Risk
- Low
- Minimum
- None
- Liquidity
- ERC-20, transferable; DEX liquidity
- Custody
- Self-custody
- KYC
- Required to mint
- Figures verified
- 2026-10-18
Details
- Issuer
- Mountain Protocol
- Type
- Yield Stablecoins
- Category
- Yield Stablecoins
- Pillar
- Fixed Income
- Yield source
- Short-term US Treasuries
- Network
- Ethereum (+L2s)
- Jurisdiction
- Bermuda (non-US persons)
- AUM
- ~$185M
Questions about USDM and Yield Stablecoins
- What is the best stablecoin yield on Ethereum right now?
- Which stablecoins actually pay me a yield, and where does that yield come from?
- Which tokenized assets can an AI agent buy on its own, without KYC — and which pays the most?
- Which real-world-asset and yield tokens can I buy without KYC, using only a self-custody wallet?
Buying USDM: common questions
How do I buy USDM?
Mint at mountainprotocol.com (KYC) or buy on a DEX. The token runs on Ethereum (+L2s). Minimum: None.
Where can I buy USDM?
USDM trades on 3 exchanges and DEXs. By 24-hour volume the largest are Uniswap V3 (Celo) (USDM/USDM), Uniswap V3 (Celo) (USDM/?), Curve (Base) (USDM/?) (CoinGecko, 2026-10-19). Check that the venue serves your country before you sign up.
Do I need KYC to buy USDM?
Not on the secondary market: USDM can be bought on a DEX without identity verification. Minting it directly with the issuer does require KYC.
Other Yield Stablecoins from other issuers
102 more in this category, from other issuers.
Figures last verified against a live source on 2026-10-18. Yields are variable and not guaranteed. Not investment advice. © 2026 TokenBank — operated by NumericalsAI Inc. · JSON