Mountain Protocol
Stablecoin · RWA-Backed Stable · USDM
NetworkStablecoinRWARWA-Backed StableYield-BearingWound-Down1 coinsAudited
Mountain Protocol issued USDM, a daily-rebasing T-bill-yield dollar under Bermuda Monetary Authority oversight; acquired by Anchorage in April 2025 and winding down.
Regulated yield-bearing T-bill dollar (wound down).
Circulating supply
$47.1K
+0.0% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Mountain Protocol and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Circle (USDC) | Largest regulated fiat-backed dollar. | Both issue a USD-pegged stablecoin redeemable against reserves. | USDC is the deepest, most widely integrated regulated fiat-backed dollar with monthly Deloitte attestations and a public-company issuer. |
| 2 | Ondo Finance | Institutional-grade finance, delivered onchain. | Both in Stablecoin (RWA-Backed Stable). | Regulated RWA yield products with legal wrappers and daily proof of reserves — not generic stablecoins or DeFi wrappers. USDY and OUSG are yield tokens, not fixed $1 stablecoins. |
| 3 | USD.AI | It lets crypto/stablecoin capital fund real-world AI compute infrastructure, especially GPUs, and turns that into a stablecoin/yield product. | Both in Stablecoin (RWA-Backed Stable). | It is not just "a stablecoin company." It is more like a RWA/private credit protocol where the RWA is AI compute infrastructure. |
| 4 | Anzen Finance | Private-credit-backed yield dollar. | Both in Stablecoin (RWA-Backed Stable). | Private credit RWA backing (not just T-bills) targeting 8-12% APY by exposing holders to institutional credit risk. |