Unveiling Mountain Protocol
Mountain Protocol is the issuer of USDM, the first regulated & permissionless yield-bearing stablecoin.
Regulated by the Bermuda Monetary Authority (#202302512)
Today we publicly launch Mountain Protocol and our first product: USDM.
Also announcing a financing round led by @nic__carter from @CastleIslandVC with participation from @cbventures, @newformcapital, @daedalus_angels, @ameensol, @ASvanevik, @maraoz, @demibrener, among others.
With a $120B+ market cap, stablecoins are the unquestionable killer app of crypto. Stablecoins allow any person in the world to access U.S. dollars they can trust, which was previously only available to people inside the U.S.
With U.S. Treasuries now paying +5% APY, U.S. Persons are shifting towards high-yield checking accounts or purchasing Treasuries directly. Unfortunately, there are multiple barriers to accessing these products globally. Enter USDM.
Like most fiat-backed stablecoins, USDM is an ERC20 token that can be minted/redeemed at $1 by KYB’d users which can then be freely used across DeFi.
The token is fully backed by short-term U.S. Treasuries, with the difference that USDM provides users daily rewards in the form of rebasing, currently at a rate of 5% APY. The rebasing mechanism is very similar to @LidoFinance‘s stETH and will be familiar to most in crypto.
This way, non-U.S. users can now earn yields on their stablecoins simply by holding USDM, allowing global access to quality financial products, currently only available inside the US or to Enterprise users.
Mountain Protocol has been granted a Digital Asset Business license (#202302512) by the Bermuda Monetary Authority, a top financial regulator globally, to issue, sell and redeem USDM.
https://www.bma.bm/regulated-entities
Why Bermuda? Bermuda is internationally recognized for its rule of law and sophisticated regulators, evidenced by over 1/3rd of the $500B global reinsurance industry running out of Bermuda.
Bermuda was an early mover into Digital Assets, passing the DAB Act of 2018, providing regulatory clarity and the customer protections for which many in the industry advocate.
@coinbase has recently been licensed by the BMA, who also licensed @Circle and @Cashapp.
We believe every dollar in crypto should earn the “risk-free rate”, helping:
- Protocols to prove enhanced returns to LPs.
- Exchanges to power their Earn programs.
- Traders to reduce cash drag.
- Startups and DAOs to enhance Treasury performance.
Note: USDM is not available for U.S. persons. USDM has not been registered under the U.S. Securities Act of 1933. For more information about eligibility, please refer to our terms and conditions.
https://docs.mountainprotocol.com/legal/terms-and-conditions
If you are interested in learning more about Mountain Protocol and USDM, please visit our website and reach out to us!
