Mountain Protocol issues USDM, a yield-bearing stablecoin backed by U.S. Treasury bills that automatically accrues interest to holders through a daily rebase mechanism. Unlike traditional stablecoins that retain yield for the issuer, USDM passes through the Treasury bill yield directly to token holders. The protocol is regulated by the Bermuda Monetary Authority and operates with full reserves held in short-term U.S. government securities by regulated custodians. USDM is available on multiple chains including Ethereum, Arbitrum, Optimism, Base, and Polygon, and can be integrated into DeFi protocols as yield-bearing collateral.
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