Anchorage Digital to Acquire Mountain Protocol, Pending Regulatory Approval, Adding USDM Yield-Bearing Stablecoin

Anchorage Digital, a federally chartered crypto bank and custodian, has signed a definitive agreement to acquire Mountain Protocol, the issuer of the yield-bearing USDM stablecoin. The acquisition is pending regulatory approval. Anchorage plans to integrate Mountain Protocol’s technology, team, and licensing structure into its operations. Mountain Protocol, regulated by the Bermuda Monetary Authority, issues USDM, a stablecoin backed by short-term U.S. Treasuries. USDM was launched in late 2023 and reached a supply peak of $150 million before declining to $50 million. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant