Anchorage Digital buys Mountain Protocol, USDM stablecoin winds down
Anchorage Digital has acquired Mountain Protocol, a stablecoin issuer, which will wind down its main stablecoin, Mountain USD (USDM). The acquisition is pending regulatory approval and will integrate Mountain Protocol's team and technology into Anchorage's offerings. Anchorage CEO Nathan McCauley emphasized the growing importance of stablecoins in the crypto economy. Mountain Protocol CEO Martin Carrica noted that the merger positions both companies to meet increasing global demand for stablecoin services. Mountain Protocol has ceased minting USDM as of May 12, with an orderly wind-down process initiated. USDM rewards will remain active for 30 days before dropping to 0% APY. Customers can redeem USDM on the platform or swap it on exchanges. USDM's market cap peaked at $155 million but has since fallen below $50 million, with approximately 10,820 holders.
