Mountain Protocol USDM
Peers · Yield Stablecoins
AVG 4.45% · BENCH 2.00%| TICKER | ISSUER | YIELD | vs SAV | RISK | MIN |
|---|---|---|---|---|---|
| sUSDai | usd.ai | ~6.77% | +477bp | HIGH | None |
| scrvUSD | Curve Finance | ~5.83% | +383bp | MEDIUM | None |
| sfrxUSD | Frax Finance | ~5.3% | +330bp | LOW-MEDIUM | None |
| sUSDe | Ethena Labs | ~5.0% | +300bp | MEDIUM-HIGH | None |
| USD0++ | Usual | ~4.47% | +247bp | MEDIUM | None |
| YLDS | Figure Markets | ~4% | +200bp | LOW-MEDIUM | None |
| sUSDS | Sky (MakerDAO) | ~3.8% | +180bp | LOW | None |
| sUSDf | Falcon Finance | ~3.66% | +166bp | MEDIUM-HIGH | None |
| sDAI | Sky (MakerDAO) | ~1.25% | -75bp | VERY LOW | None |
| lvlUSD | Level (Peregrine) | PRICE | — | MEDIUM-HIGH | None |
Description
ISSUER DOCSRegulated (Bermuda Monetary Authority) yield-bearing stablecoin: rebases daily, backed by short-term US Treasuries. The 'compliance-first' counterpart to DeFi-native yield stablecoins. Update: after Mountain Protocol was acquired by Anchorage Digital (2025) USDM was wound down — minting stopped on 12 May 2025, rewards were set to 0% after 30 days, and primary redemptions closed later in 2025; remaining tokens trade only on secondary markets.
Buying · Q&A
3 QUESTIONSHow do I buy USDM?+
Mint at mountainprotocol.com (KYC) or buy on a DEX. The token runs on Ethereum (+L2s). Minimum: None.
Where can I buy USDM?+
USDM is not listed on any exchange or DEX we can see. It is bought (subscribed) and redeemed directly with the issuer, Mountain Protocol.
Do I need KYC to buy USDM?+
Not on the secondary market: USDM can be bought on a DEX without identity verification. Minting it directly with the issuer does require KYC.
Where to trade
SECONDARY MARKETUSDM does not trade on any exchange or DEX we can see. You get it from the issuer and redeem it there — see below.
Issuer · primary market
SUBSCRIBE / REDEEMMint at mountainprotocol.com (KYC) or buy on a DEX
Who may buy is set by the issuer — check their terms. Not investment advice.
Key facts
VERIFIED 2026-10-18- Yield / return
- 0% — rewards ended in the 2025 wind-down
- Risk
- Low
- Minimum
- None
- Liquidity
- ERC-20, transferable; DEX liquidity
- Custody
- Self-custody
- KYC
- Required to mint
- Verified
- 2026-10-18
Details
- Issuer
- Mountain Protocol
- Type
- Yield Stablecoins
- Category
- Yield Stablecoins
- Yield source
- Short-term US Treasuries
- Network
- Ethereum (+L2s)
- Jurisdiction
- Bermuda (non-US persons)
- AUM
- ~$185M
Questions
ANSWERS- What is the best stablecoin yield on Ethereum right now?
- Which stablecoins actually pay me a yield, and where does that yield come from?
- Which tokenized assets can an AI agent buy on its own, without KYC — and which pays the most?
- Which real-world-asset and yield tokens can I buy without KYC, using only a self-custody wallet?