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<p class="is-style-lead">In a Sept. 11 post on X, Mountain Protocol announced the launch of USDM, an ERC-20 yield-bearing stablecoin.</p> 
<p>Mountain Protocol, granted a&nbsp;<a href="https://www.bma.bm/regulated-entities" target="_blank" rel="noopener noreferrer nofollow">digital asset business license</a>&nbsp;by the Bermuda Monetary Authority, can now issue, sell, and redeem USDM.</p> 
<p>The thread on X (formerly Twitter) claims that the token is fully backed by short-term U.S. treasuries while offering users daily rewards through rebasing at a rate of 5% APY. The protocol states that the mechanism for rebasing is similar to Lido Finance’s stETH and will be familiar to most of the crypto community.</p> 
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   <p lang="en" dir="ltr">1/ Today we publicly launch Mountain Protocol and <a href="https://twitter.com/search?q=%24USDM&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDM</a>.<br><br>Also announcing a financing round led by <a href="https://twitter.com/nic_carter?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@nic_carter</a> from @CastleIslandVentures with participation from <a href="https://twitter.com/cbventures?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@cbventures</a>, <a href="https://twitter.com/newformcapital?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@newformcapital</a>, <a href="https://twitter.com/daedalus_angels?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@daedalus_angels</a>, <a href="https://twitter.com/ameensol?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ameensol</a>, <a href="https://twitter.com/ASvanevik?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ASvanevik</a>, <a href="https://twitter.com/maraoz?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@maraoz</a>, <a href="https://twitter.com/demibrener?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@demibrener</a> among others. <a href="https://t.co/rWLYpwStHL" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/rWLYpwStHL</a></p>— Mountain Protocol | USDM (@MountainUSDM) <a href="https://twitter.com/MountainUSDM/status/1701208170931081576?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 11, 2023</a> 
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<p>The stablecoin is also marketed for its ability to allow non-U.S. users to access U.S. Treasury yields in addition to other DeFi protocols. That said, the&nbsp;<a href="https://t.co/LOHWO1pESf" target="_blank" rel="noopener noreferrer nofollow">stablecoin’s terms and conditions</a>&nbsp;specify that USDM has not been registered under the U.S. Securities Act of 1933.</p> 
<p>At the same time, Mountain Protocol also announced a financing round led by Castle Island Ventures, with additional participation from <a href="https://crypto.news/tag/coinbase/" data-type="link" data-id="https://crypto.news/tag/coinbase/" rel="noopener noreferrer nofollow">Coinbase Ventures</a>, New Form Capital, Daedalus Angels, Ameen Soleimani, Alex Svanevik, the co-founder and CEO of Nansen, Maraoz, the Founder of Buzhi, OpenZeppelin and Decentraland and Demi Brener.</p> 
<p> You might also like: <a href="https://crypto.news/coinbase-increases-usdc-interest-rate-after-sec-confirms-stance-on-stablecoins/" rel="noopener noreferrer nofollow"> Coinbase increases USDC interest rate after SEC confirms stance on stablecoins </a> </p> 
<h2 class="wp-block-heading" id="an-early-mover-into-digital-assets">An early mover into digital assets</h2> 
<p>Bermuda is often considered an early mover into digital assets. In 2018, it released the <a href="https://www.bma.bm/digital-assets-supervision-regulation" target="_blank" rel="noopener noreferrer nofollow">Digital Asset Business Act</a>&nbsp;as a statutory basis for regulating cryptocurrencies and becoming a regulatory environment commended by many prominent players in the industry.&nbsp;</p> 
<p>As a result, Coinbase, the world’s second-largest exchange, has also chosen Bermuda to be one of its international hubs, holding its own&nbsp;<a href="https://www.coinbase.com/blog/an-update-to-coinbases-global-scale-to-go-broad-and-deep" target="_blank" rel="noopener noreferrer nofollow">Class F License</a>. This is in addition to Circle, the platform behind the&nbsp;<a href="https://www.circle.com/en/usdc" target="_blank" rel="noopener noreferrer nofollow">stablecoin, USDC</a>, which also leveraged Bermuda to launch the world’s first regulated institutional yield product.</p> 
<p> Read more: <a href="https://crypto.news/bermuda-based-bank-releases-usd-pegged-stablecoin/" rel="noopener noreferrer nofollow"> Bermuda-based bank releases USD-pegged stablecoin </a> </p>

Mountain Protocol launches yield-bearing stablecoin in Bermudas

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