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.
Key Data
| 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 |
| Reserve Reporting | Monthly attestation |
| 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. |
| Peg Currency | USD |
| Launched | 2023 |
Supported Networks
Cross-Chain Supply ($1M total)
Regulatory Status
Use Cases
Overview
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.
Key Features
- Bermuda-regulated yield-bearing stablecoin structure before wind-down
- Original reserve design based on short-term U.S. Treasuries
- Daily rebasing reward mechanism before wind-down
- Minting disabled and product placed into wind-down in 2025
Reserve 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.
Supported Networks
Available on Ethereum, Polygon, Celo, Avalanche, Arbitrum, Optimism, Base, zkSync Era.
Recent Activity
- —Our coverageStablecoin Recap Jun 1–8, 2026: Visa tested private stablecoin settlement with Brale and Canton.
Other USD Stablecoins
Profile compiled from issuer disclosures, regulatory filings, press releases, and financial media. Market and on-chain data sourced directly or via third-party providers. See methodology.