USDM was Mountain Protocol's USD-pegged, yield-bearing stablecoin originally backed by short-term U.S. Treasury securities. In 2025, Mountain initiated a wind-down in which minting was disabled, rewards were reduced to zero, and remaining reserves were transitioned into a USDC-backed Uniswap redemption structure.
| Symbol | USDM |
| Peg | USD |
| Backing | Rwa backed |
| Status | Active |
| Launched | 2023 |
| Networks | L1 EVM Ethereum, Polygon, Celo, Avalanche L2 Arbitrum, Optimism, Base, zkSync Era |
| Specifications | Backing Short-term U.S. Treasury securities held through the original USDM reserve structure; USDC deposited as concentrated liquidity in a Uniswap pool for the Phase 3 wind-down structure Auditor Nephos Group Redemption Mountain's wind-down documentation states that minting was disabled, primary customers could no longer buy USDM, rewards were set to 0% in Phase 2, and Phase 3 moved remaining reserves into a Uniswap pool against USDC. After Phase 3, USDM was no longer backed by U.S. Treasury products or redeemable at $1 by Mountain. |
| Use cases | DeFi collateral |
| Regulatory status | Jurisdiction Bermuda · License type Digital Asset Business Act framework referenced by Mountain · Status n/a · Issued 2025 |
| Chain | Supply |
|---|---|
| Ethereum | $1M |
| Chain | Address |
|---|---|
| Arbitrum One | 0x59d9356e565ab3a36dd77763fc0d87feaf85508c |
| Avalanche | 0x59d9356e565ab3a36dd77763fc0d87feaf85508c |
| Base | 0x59d9356e565ab3a36dd77763fc0d87feaf85508c |
| Celo | 0x59d9356e565ab3a36dd77763fc0d87feaf85508c |
| Ethereum | 0x59d9356e565ab3a36dd77763fc0d87feaf85508c |
| Optimistic Ethereum | 0x59d9356e565ab3a36dd77763fc0d87feaf85508c |
| Polygon PoS | 0x59d9356e565ab3a36dd77763fc0d87feaf85508c |
| zkSync | 0x7715c206a14ac93cb1a6c0316a6e5f8ad7c9dc31 |
USDM was Mountain Protocol's USD-pegged, yield-bearing stablecoin originally backed by short-term U.S. Treasury securities. In 2025, Mountain initiated a wind-down in which minting was disabled, rewards were reduced to zero, and remaining reserves were transitioned into a USDC-backed Uniswap redemption structure.
Short-term U.S. Treasury securities held through the original USDM reserve structure; USDC deposited as concentrated liquidity in a Uniswap pool for the Phase 3 wind-down structure.
Available on Ethereum, Polygon, Celo, Avalanche, Arbitrum, Optimism, Base, zkSync Era.
USDM was Mountain Protocol's USD-pegged, yield-bearing stablecoin originally backed by short-term U.S. Treasury securities. In 2025, Mountain initiated a wind-down in which minting was disabled, rewards were reduced to zero, and remaining reserves were transitioned into a USDC-backed Uniswap redemption structure.
Short-term U.S. Treasury securities held through the original USDM reserve structure; USDC deposited as concentrated liquidity in a Uniswap pool for the Phase 3 wind-down structure
USDM is recorded on 8 networks, including Ethereum, Polygon, Celo, Avalanche, Arbitrum, Optimism.
USDM has a market capitalization of $1M as of 11 October 2026.