Mountain Protocol launches yield-bearing stablecoin in Bermudas
In a Sept. 11 post on X, Mountain Protocol announced the launch of USDM, an ERC-20 yield -bearing stablecoin . Mountain Protocol, granted a digital asset business license by the Bermuda Monetary Authority, can now issue, sell, and redeem USDM. The thread on X (formerly Twitter) claims that the token is fully backed by short-term U.S. treasuries while offering users daily rewards through rebasing at a rate of 5% APY. The protocol states that the mechanism for rebasing is similar to Lido Finance’s stETH and will be familiar to most of the crypto community. 1/ Today we publicly launch Mountain Protocol and $USDM. Also announcing a financing round led by @nic_carter from @CastleIslandVentures with participation from @cbventures, @newformcapital, @daedalus_angels, @ameensol, @ASvanevik, @maraoz, @demibrener among others. pic.twitter.com/rWLYpwStHL — Mountain Protocol | USDM (@MountainUSDM) September 11, 2023 The stablecoin is also marketed for its ability to allow non-U.S. us...