Mountain
Mountain issues USDM, a yield-bearing stablecoin fully collateralized by short-duration US Treasuries. Yield accrues natively to holders through a rebasing mechanism, making USDM a native replacement for treasury bill exposure with on-chain composability.
The design is regulated under a Bermuda Monetary Authority licence and is one of the few yield-bearing stablecoins that has successfully cleared US securities law analysis with major law firms.
USDM has crossed $220M in circulation and is now integrated across 8 major DeFi venues as a base collateral asset. The protocol's fees fund the operating entity and provide a clear economic model different from spread-capture stablecoins.
The most regulatorily thoughtful yield-bearing stablecoin. We backed the seed on the thesis that yield-native dollars become the default.
Martin Carrica
CEO & Co-FounderMatias Ferrari
CTO & Co-FounderAlex Cheng
Head of ProductIsabel Wolf
Head of Compliance- 2023Founded by Martin Carrica and Matias Ferrari
- Q3 2023Oryon leads seed
- Q1 2024USDM launch under BMA licence
- Q4 2025$220M circulation
USDM crossed $220M. Regulated under BMA licence with clean US legal opinions.
“Mountain's regulatory posture is the model for the next wave of yield-bearing dollars.”
— Castle Island, 2024