USDM

Mountain Protocol's USDM has been retired. Regulated by the Bermuda Monetary Authority, the Bermuda issuer launched this yield-bearing dollar in late 2023, backing it with short-term US Treasuries and rebasing daily so holders earned the Treasury return directly; supply spiked toward 150 million before settling near 50 million. In May 2025 Anchorage Digital agreed to acquire Mountain Protocol and immediately began winding USDM down: new minting was disabled, rewards were cut to zero after a short grace period, and the primary redemption market closed on August 22, 2025, with the team and its Bermuda license absorbed into Anchorage. Before the shutdown, direct redemption had been reserved for KYC-approved primary customers meeting a six-figure minimum, so retail always relied on secondary markets. The coin is no longer a going concern; its remaining relevance is as one of the licensing and technology pieces Anchorage folded into its own stablecoin business.