Digital Digital Buy Mountain Protocol, USDM Stablecoin is dropping

The Crypto Bank Anchorage Digital has expanded Stablecoin offerings to the acquisition of the Mountain Protocol, a Stablecoin provider who says it will start with the main stablecoin, Mountain USD (USDM).
The acquisition, subject to customary conditions of closing and regulatory approval, will include a mountain protocol team, tech stack and framework licensing of Anchorage’s existing offerings, Anchorage Says In a statement of May 12.
While the terms of the deal are not disclosed, it reflects a accelerated number of acquisitions between crypto and tradfi companies in recent months.
Explaining the acquisition, Anchorage CEO Nathan McCauley said Stablecoins becomes the backbone of the crypto economy, while hoping that “every business” will eventually use Stablecoins as part of their operation.
Mountain Protocol CEO Martin Carrica Says Its experience with stablecoin and the positions of anchorage crypto infrastructure Companies combined To meet the growing global demand for Stablecoin services.
Anchorage is the only federal chartered digital asset bank in the US, while Stablecoin services of the Mountain Protocol are controlled by the Bermuda Monetary Authority.
It comes around nine months after anchorage introduced A Stablecoin Rewards program for institutions holding PayPal USD (PIUSD) Stablecoin.
The USDM of the Mountain Protocol to collapse
As part of the acquisition, the Mountain Protocol said it would start a “smooth air process” for the USDM, which operates as a Ani-bearing stablecoin.
Mountain Protocol said it stopped Minting the stablecoin on May 12 but the USDM has been mentioned Rewards will remain active for another 30 days. After that, the reward rate will be set to 0% APY.
Stablecoin issuer customers can redeem their USDM through the company platform, while other USDM holders are encouraged to change stablecoin for other tokens in exchanges.
Related: ‘Dark Stablecoins’ may appear while regulations are tight
Mountain Protocol’s Ethereum-based USDM would not be confused with The USDM stablecoin of Mehen Finance, running on Cardano Network.
The USDM of the Mountain Protocol has seen great success shortly after launching late 2023, rising to a $ 155 million market cap in March 2024, according to Rwa.xyz. However, its market cap has since collapsed below $ 50 million.
RWA.xyz estimates that there are about 10,820 USDM holders.
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