Bermuda

Decentraland

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 <p class="is-style-lead">In a Sept. 11 post on X, Mountain Protocol announced the <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> of USDM, an ERC-20 <a rel="noopener noreferrer nofollow" title="yield" href="https://thebittimes.com/tag/yield.html">yield</a>-bearing <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>.</p> 
 <p>Mountain Protocol, granted a&nbsp;digital asset business license&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 <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> Mountain Protocol and $USDM.<br><br>Also announcing a financing round led by @nic_carter from @CastleIslandVentures with participation from @cbventures, @newformcapital, @daedalus_angels, @ameensol, @ASvanevik, @maraoz, @demibrener among others. pic.twitter.com/rWLYpwStHL</p>— Mountain Protocol | USDM (@MountainUSDM) September 11, 2023 
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 <p>The <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> is also marketed for its ability to allow non-U.S. users to access U.S. Treasury <a rel="noopener noreferrer nofollow" title="yield" href="https://thebittimes.com/tag/yield.html">yield</a>s in addition to other DeFi protocols. That said, the&nbsp;<a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>’s terms and conditions&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 Coinbase Ventures, 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> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Coinbase increases USDC interest rate after SEC confirms stance on stablecoins 
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 <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 Digital Asset Business Act&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;Class F License. This is in addition to Circle, the platform behind the&nbsp;stablecoin, USDC, which also leveraged Bermuda to launch the world’s first regulated institutional yield product.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bermuda-based bank releases USD-pegged stablecoin 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/mountain-protocol-launches-yield-bearing-stablecoin-in-bermudas-tbt62366.html">https://thebittimes.com/mountain-protocol-launches-yield-bearing-stablecoin-in-bermudas-tbt62366.html</a></p>

Mountain Protocol launches yield-bearing stablecoin in Bermudas

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