⛩Kinto Launch: Mountain Protocol
Kinto is an L2 rollup designed to accelerate the transition to an on-chain financial system. It features user-owned KYC, AML, and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience.
TLDR
- wUSDM is now live on Kinto, marking the start of Kinto’s golden road campaign for on-chain summer.
- USDM is the first permissionless yield-bearing stable coin backed by US T-Bills, yielding 5% APY at the moment.
- Kinto users can now buy wUSDM from Arbitrum and deposit it onto Kinto in one click.
- Existing wUSDM holders can deposit on Kinto to earn Kinto mining rewards on top of the treasury yield from USDM.
After launching mainnet a couple of weeks ago, Kinto is ramping up to announce a series of products during on-chain summer.
Today, we are excited to announce wUSDM, from Mountain Protocol, as the first product launch.
⚙️ The Asset
wUSDM is the wrapped version of USDM, the first yield-bearing stable coin that shares the yield from US Treasury Bills with their holders.
You can now access wUSDM from the Kinto website here. There are many benefits of accessing wUSDM from your Kinto wallet.
- Earn yield in real-time from US treasury bills by holding wUSDM.
- Participate in the Mining program to earn additional Kinto rewards.
- One-click deposit. You can purchase and bridge wUSDm in one click.
- No gas fees. If you deposit an ERC-20, deposit, and bridge fees are covered. All transactions on Kinto are sponsored as well.
- Highest security standard. Both Mountain and Kinto follow best-in-class security practices.
🗻 Why Mountain?
Mountain Protocol is the first protocol in the space to create a stablecoin (USDM) that shares the yields earned from their assets with token holders. Unlike leading stablecoins like USDC or USDT that do not share any yield earned from their reserves, Mountain Protocol shares the earnings from their T-Bills collateral with USDM token holders, currently 5% APY.
USDM is backed by T-Bills — short-term government securities issued by the United States Treasury held as part of the “USDM Reserves”. TBills are generally regarded as the safest USD asset and are widely used by institutions to manage their treasuries.
Furthermore, Mountain Protocol shares our obsession with security, both technical and financial. USDM is regulated, adhering to specific regulations and compliance requirements and offering robust bankruptcy protections. USDM Reserves are held under custody by several well-regarded global financial institutions and audited by OpenZeppelin — a renowned security auditing firm — to ensure that USDM’s code has been thoroughly reviewed and vetted for potential vulnerabilities.
Recently, Mountain Protocol has reached two significant milestones. First reaching 50M in TVL and then announcing their $8M Series A shortly after.
⛩️ Why Kinto?
Kinto has been designed from the ground up to be the perfect ecosystem for mature financial primitives like USDM. Unlike other public networks, Kinto offers native KYC/AML while remaining decentralized and permissionless. And unlike private networks, Kinto is still connected with the Ethereum ecosystem, the primary on-chain avenue for DeFi protocols and liquidity.
Given its unique properties, Kinto makes it easy for asset issues and protocols to release assets that target users of specific jurisdictions for financial, legal, or compliance reasons.
wUSDM is a perfect example because it is not available to US residents. In Kinto, with one line of code, US residents are restricted from purchasing the asset. No need for flimsy IP geoblocking or geofencing. Those approaches don’t meet the compliance standards and at the same time, they frustrate legit users who are prevented from using a specific site while traveling abroad.
🛤 Take the Golden Road to Kinto
Kinto offers safe and intuitive access to the best digital assets in the Ethereum ecosystem, now including wUSDM. During on-chain summer, we will release our mining program and announce ten product launches.
We want to accelerate the transition to an on-chain financial system. A system that can match the guarantees of traditional finance, increase availability 24/7, enhance security, and decrease the friction and costs associated with conventional asset issuance.
If you share our vision for a secure, open, decentralized financial system, help us realize it.
Join us!
