Mountain Protocol USD
USDMMountain Protocol USD (USDM) is a yield-bearing stablecoin issued by Mountain Protocol, a Bermuda Monetary Authority-licensed digital-asset business, backed by short-duration US Treasury bills held with regulated custodians. It rebases to pass Treasury yield directly to holders, a structure built for non-US users. USDM scores 84/100 (Tier 2) on the RWTS Trust Score, strong on backing, regulation and monthly attestations showing over-collateralisation. Its constraints are a Bermuda rather than US or EU regulatory home and the fact that, as a regulated stablecoin, distribution and eligibility are more restricted than an unregulated dollar token.
- Issuer / protocol
- Mountain Protocol
- Jurisdiction
- BermudaBermuda Monetary Authority (DABA)
- Backing
- Short-duration U.S. Treasury bills (cash equivalent)
- Redemption / lock-up
- None
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 2 — Treasury & Fiat-Backed
- Contract
- 0x59D9…508C
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
~102% reserve ratio · Source: Nephos monthly attestation. Point-in-time disclosure, not a live feed; weights move with issuance and policy.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 4.50% sits at 42% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 4.50%. Actual returns may vary. Not financial advice.
Tokenized short-duration U.S. Treasury wrapper from BMA-regulated Mountain Protocol. Yield passes through T-bill returns to holders via daily rebase. Strong institutional posture: Nephos Group monthly attestations, SOC 2 Type II, clear single-jurisdiction regulation.
Methodology v1.0 · independent rating · published rubric · no issuer payments
Backed 1:1 by short-duration U.S. Treasury bills held with regulated custodians; sovereign debt instruments per rubric tier.
Monthly third-party attestations by Nephos Group; on-chain transparency of token supply; institutional-grade reporting cadence.
Daily redemption to USDC at par via Mountain Protocol portal for verified holders; deep secondary market integration across major DEXs.
Multiple smart contract audits (Halborn, others); active bug bounty program; SOC 2 Type II operational controls.
Mountain Protocol is Bermuda Monetary Authority (BMA) regulated as a digital asset business; clear single-jurisdiction licensed framework. Coinbase Ventures, Multicoin, and Castle Island Ventures backed.
Live since September 2023 (~24 months as of May 2026). No material incidents; consistent operation through 2024-2025 market cycles.
REBASE_TOKENUSDM is a rebasing token; balance grows automatically as yield accrues. Some integrations may require non-rebase wrappers (wUSDM).
Caveats document operational realities that don't change the dimensional score but shape practical use.
Beyond USDM's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $348.39M indicates healthy on-chain liquidity. Lock-up: None.