what's Mountain Protocol?
Mountain Protocol is a blockchain-based financial protocol that issues USDM, a yield-bearing stablecoin designed to maintain a 1:1 peg with the US dollar while generating yield from investments in short-term US Treasuries. The protocol operates on the Ethereum blockchain, allowing users to mint USDM by depositing collateral such as other stablecoins or assets, which are then used to purchase Treasury securities through integrated custodians and yield mechanisms. This setup provides a decentralized way to earn passive income on dollar holdings without the volatility of traditional crypto assets. USDM can be used in DeFi applications for lending, borrowing, and trading, offering stability and yield in one token. The protocol emphasizes security through audited smart contracts and transparent on-chain reserves.
Mountain Protocol is on Grayscale's Q1 2026 Assets Under Consideration list.
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Included in Grayscale's Assets Under Consideration list for Q1 2026.
Avon protocol on MegaETH integrates USDm into its MegaVault feature, allowing users to deposit USDm and receive USDmY, a yield-bearing token that earns automatic yield from the ecosystem.
NBX CEO publicly states USDM on Cardano is the best stablecoin in crypto.
Redstone DeFi Bolt chosen as oracle for USDM on MegaETH.
USDm refunds from the MegaETH pre-deposit program start being distributed to users' wallets.
The MegaETH team promises to return funds to depositors following what they describe as "sloppy" execution of the pre-deposit bridge.
USDm operates on Cardano blockchain and grows faster than USDT did in its early days on Ethereum.
Pre-market price for MEGA token remains stable around $0.32.
NBX CEO announces collaboration to build global cash on-ramp and off-ramp infrastructure for crypto.
Mainnet launch scheduled for the next few days.
The pre-deposit program undergoes a complete reset with all depositors receiving full refunds plus credit for their deposit time in a Rewards Campaign, with pre-deposits scheduled to re-open closer to Frontier opening.
MegaETH will airdrop 2.5% of its token supply to early supporters including USDm depositors, and yield from USDm flows to the MegaETH protocol rather than to stablecoin holders.
USDM is characterized as now-defunct in a discussion of tokenized treasury products in DeFi.
MegaETH ranks in the top 5 crypto chains for daily revenue with $500M of USDM pre-deposits, according to social media analysis. (ID: 1993390822419841448)
The deposit event reaches its initial cap in 2 minutes with a whale depositing $25M, and the multisig transaction executes 34 minutes ahead of schedule. Withdrawals become available after the team cancels the planned $1B cap and the $500M revised cap fills.
The pre-deposit program is operational again after the technical issues that prevented deposits at launch.
The deposit website experiences technical issues at launch, with users unable to deposit through the website interface.
MegaUSD deposits go live with a $250M cap to seed USDM supply in the ecosystem.
MegaETH allocates 2.5% of $MEGA supply for incentive program starting in January, with early Frontier depositors receiving a multiplier.
Pre-deposit bridge opens at exactly 9am EST on November 25th, with participation restricted to wallets holding a Sonar account and no withdrawal option available after depositing.
USDm is a stablecoin collaboration between Ethena and MegaETH, with BenchmarkFi building a liquidity engine for it.
USDM bridge on MegaETH opens Tuesday, with farming available for incentive season participants.
USDM becomes the leading stablecoin on Cardano.
Pre-deposit program launches Nov. 25 with $250M cap, restricted to users who completed KYC during previous MEGA token sale (excluding US, UK, China, Russia residents). Pre-depositors receive consideration for upcoming rewards campaign, with deposits in USDC on Ethereum locked until mainnet launch.
$MEGA token final allocation revealed with $2.3M in forfeited tokens being redistributed on top of current allocations, and unused USDT from pre-sale automatically refunded. Pre-depositors confirmed to be included in the Rewards Campaign for the MegaETH pre-deposit bridge.
Pre-deposit bridge launches on MegaETH Mega mainnet (Frontier), converting USDC on Ethereum to USDm with $250M deposit cap.
USDm goes live next week on MegaETH pre-deposit bridge, powered by Ethena Whitelabel and USDtb, with deposits capped at $250M and a rewards campaign for participants who deposit USDC to receive USDm.
Keom Protocol ends USDM support on Manta Pacific, with urgent withdrawal notice issued to users.
Visa adds USDM to its official Stablecoin Dashboard for tracking across multiple chains including HyperEVM, zkSync, and Aptos.
MegaETH labs announces more products coming beyond the USDm stablecoin integration.
Cap stablecoin from Mafia integrates on MegaETH as the premier yield-bearing stable, pairing with USDm which serves as the non-yield bearing option in the ecosystem.
MegaETH adopts USDm as native stablecoin for its revenue streams, specifically for yield generation.
Acquisition by Anchorage leads to wUSDM discontinuation; urgent withdrawal notice issued.
Contango delists wUSDM instruments; urgent advisory for position closure due to liquidity risk.
RWA market on Arbitrum grows from $1M to $214M in one year, with protocol recognized as key contributor.
Offering borrowing of 1M USDC daily at 3.5% against USDM yielding 4.5% with 96.5% LLTV.