Mountain Protocol
A protocol issuing yield-bearing stablecoin USDM
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About Mountain Protocol
Mountain Protocol issues USDM, a yield-bearing stablecoin backed by short-term US Treasury bills. The protocol passes the yield directly to holders through a daily rebase mechanism, meaning the token balance in a wallet increases over time without any action from the user. This is a key differentiator from traditional stablecoins like USDC or USDT, where the issuer retains the interest. The project is regulated by the Bermuda Monetary Authority and maintains full reserves in segregated accounts. It also offers wUSDM, an ERC-4626 wrapped version that simplifies integration with DeFi protocols by avoiding the complexities of rebasing tokens. The core pain point it addresses is the opportunity cost for stablecoin holders, who typically earn no yield, and the technical friction of using rebasing tokens in DeFi.
In the past six months, the most significant development was the announcement on May 13, 2025, that Mountain Protocol was acquired by Anchorage, a digital asset platform. Following the acquisition, the project stated it would begin an orderly wind-down of the USDM product. This effectively means the protocol is being discontinued, and users are expected to redeem their holdings. No further updates or new features have been published since that announcement. This is a major negative event for the project, as it signals the end of the stablecoin's operation.
Over the past six months, Mountain Protocol announced its acquisition by Anchorage Digital and initiated an orderly wind-down of its USDM stablecoin. Minting was disabled from May 12, 2025, with rewards active for 30 days before dropping to 0% APY. The wind-down proceeds in three phases: Phase 1 (May 12 – June 11) maintains rewards; Phase 2 (June 12 – July 11) sets rewards to 0%; Phase 3 (from August 22) moves remaining reserves to a Uniswap pool against another stablecoin. Primary customers can redeem via the Mountain Protocol platform; other holders are encouraged to swap on exchanges. The company states that future development focuses on completing the wind-down process, ensuring regulatory compliance under Bermuda's DABA, and facilitating a smooth transition for all users. No new products or roadmap are announced beyond this closure.
Martin Carrica: Co-founder & CEO. Former McKinsey consultant, product manager at Zillow and Rappi, with an MIT Sloan MBA. Founded Mountain Protocol in 2022, launching USDM, a BMA-regulated yield-bearing stablecoin. Following the acquisition by Anchorage Digital, he serves as VP of Stablecoins there.
Matías Caricato: Co-founder & CTO/CISO. Over 10 years in software engineering, previously CTO of Buenbit, Argentina's largest CeFi exchange (1M+ users). At Mountain Protocol, he oversees technology and security, also serving as Engineering VP of Stablecoins at Anchorage Digital.