Home/ Companies/ Mountain Protocol/ USDM

Mountain USD

$1M market cap

Issued by Mountain Protocol · reviewed 8 September 2026

Market cap: $1M +0.22% 7d
30-day trend
Volume / market cap: 0.0%
Peg drift, 30 days: 0.90%

Market data as of 8 September 2026, the same daily snapshot the tracker publishes. Peg drift is the largest single-day distance from par over the last 30 days, for USD-pegged tokens only.

Last verified 2026-07-11. 1 of the 9 fields shown is recorded but not yet verified and is marked below; 3 further tracked fields are not recorded.

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.

01

Instrument facts

9 of 12 tracked fields recorded

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 Reserve reporting Monthly attestation unverified 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

02

Supply by chain

1 chains · $1M total

Chain	Supply
Ethereum	$1M

Chains holding at least $1M of this token, from the daily cross-chain compilation. The total may differ from the market capitalization above, which is a separate measurement.

03

Contract addresses

8 chains

Chain	Address
Arbitrum One	`0x59d9356e565ab3a36dd77763fc0d87feaf85508c`
Avalanche	`0x59d9356e565ab3a36dd77763fc0d87feaf85508c`
Base	`0x59d9356e565ab3a36dd77763fc0d87feaf85508c`
Celo	`0x59d9356e565ab3a36dd77763fc0d87feaf85508c`
Ethereum	`0x59d9356e565ab3a36dd77763fc0d87feaf85508c`
Optimistic Ethereum	`0x59d9356e565ab3a36dd77763fc0d87feaf85508c`
Polygon PoS	`0x59d9356e565ab3a36dd77763fc0d87feaf85508c`
zkSync	`0x7715c206a14ac93cb1a6c0316a6e5f8ad7c9dc31`

Addresses as recorded for this token. Verify against the issuer's own published address before sending funds.

Official site · Whitepaper

04

Background

## 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.

Compiled from issuer disclosures, on-chain data and market data. Mountain Protocol · Methodology