Mountain Protocol USDM
Peers · Yield Stablecoins
AVG 3.89% · BENCH 2.00%| TICKER | ISSUER | YIELD | vs SAV | RISK | MIN |
|---|---|---|---|---|---|
| sUSDai | usd.ai | ~6.24% | +424bp | HIGH | None |
| sfrxUSD | Frax Finance | ~4.9% | +290bp | LOW-MEDIUM | None |
| USD0++ | Usual | ~4.78% | +278bp | MEDIUM | None |
| sUSDe | Ethena Labs | ~4.71% | +271bp | MEDIUM-HIGH | None |
| sUSDf | Falcon Finance | ~4.58% | +258bp | MEDIUM-HIGH | None |
| YLDS | Figure Markets | ~4% | +200bp | LOW-MEDIUM | None |
| sUSDS | Sky (MakerDAO) | ~3.8% | +180bp | LOW | None |
| sDAI | Sky (MakerDAO) | ~1.25% | -75bp | VERY LOW | None |
| scrvUSD | Curve Finance | ~0.71% | -129bp | MEDIUM | None |
| lvlUSD | Level (Peregrine) | PRICE | — | MEDIUM-HIGH | None |
Description
ISSUER DOCSRegulated (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.
Buying · Q&A
3 QUESTIONSHow 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.
Where to trade
3 VENUES · 24H VOL| VENUE | PAIR | VOL | SPRD |
|---|---|---|---|
| DEXUniswap V3 (Celo) ↗ | USDM/USDM | $23 | 0.82% |
| DEXUniswap V3 (Celo) ↗ | USDM/? | $12 | 0.82% |
| DEXCurve (Base) ↗ | USDM/? | $3 | 0.77% |
CoinGecko tickers · 2026-10-19 · not a recommendation of any venue — check access, fees and whether the venue serves your country.
Issuer · primary market
SUBSCRIBE / REDEEMMint at mountainprotocol.com (KYC) or buy on a DEX
Who may buy is set by the issuer — check their terms. Not investment advice.
Key facts
VERIFIED 2026-10-18- 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
- Verified
- 2026-10-18
Details
- Issuer
- Mountain Protocol
- Type
- Yield Stablecoins
- Category
- Yield Stablecoins
- Yield source
- Short-term US Treasuries
- Network
- Ethereum (+L2s)
- Jurisdiction
- Bermuda (non-US persons)
- AUM
- ~$185M
Questions
ANSWERS- 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?