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Mountain Protocol raises $8 million in Series A round led by Multicoin Capital to expand USDM stablecoin use cases and grow supply

Jun 06, 2024•over 1 year ago

Amount Raised

$8 Million

Round Type

series a

PembrokeCryptocurrencyBlockchainFintechFinancial Services

Investors

Coinbase VenturesCastle Island VenturesMulticoin Capital

Description

Mountain Protocol, the issuer of the yield-bearing USDM stablecoin, has completed a Series A funding round raising $8 million. The round was led by Multicoin Capital, with participation from Castle Island Ventures, Coinbase Ventures, and other investors. The funding will be used to expand the use cases of USDM stablecoin and grow its supply by integrating it into more DeFi protocols, supporting new blockchains, and partnering with fintech firms, crypto exchanges, and market makers.

Company Information

Company

Mountain Protocol

Location

Pembroke, Hamilton, Bermuda

About

Mountain Protocol is the issuer of USDM, a yield-bearing stablecoin backed entirely by U.S. Treasuries. The company is regulated by the Bermuda Monetary Authority and keeps USDM reserves in bankruptcy-remote accounts. USDM is a rebasing ERC-20 token, backed one-to-one with the U.S. dollar, and currently provides about a 5% yield. Mountain Protocol plans to grow USDM issuance by expanding support to new blockchains, integrating it into more DeFi protocols, and partnering with fintech firms, crypto exchanges, and market makers to grow the stablecoin's supply.

Company News

(1 articles)

Sun, 10 Oct 2021 00:49:01 GMT

Mountain Protocol USD Price: USDM Live Price Chart, Market Cap & News Today - CoinGecko

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Medium Activity

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