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Event record

Reviewed event

Mountain Protocol advances USDM to Phase 3 wind-down

Mountain Protocol Phase 3 terms took effect on 22 August 2025. From that date Mountain Protocol no longer issued or directly redeemed USDM and no longer operated the issuer platform, while remaining reserves and exit liquidity moved to an on-chain wind-down structure.

Date
2025-08-22
Affected records
2 linked records
1 stablecoin · 1 organization
Evidence
3 sources
3 evidence relations

Connected records

Affected records

Assets and organizations connected to this event.
StablecoinMountain Protocol USDOrganizationMountain Protocol

Sources

Evidence

Sources used for this record, with archival copies where available.
3 source identities · 3 evidence relations
SourcePublisher and dateRelevanceArchive
USDM wind-down overview
Source details
Source category
Official statement or announcement
Provenance
Subject-controlled source
Primary or secondary
Primary source
Reliability
High
Mountain Protocol
Published Not yet recorded		Wind Down Phases, Issuance Status, Rewards Transition, Wind Down PlanArchive index or wildcard
Mountain Protocol Phase 3 terms
Source details
Source category
Legal terms or disclosure
Provenance
Subject-controlled source
Primary or secondary
Primary source
Reliability
High
Mountain Protocol Limited
Published Not yet recorded		Former Issuer, Platform Redemption Termination, Wind Down Overseer, Phase3 Legal and Redemption StatusArchive index or wildcard
USDM Phase 3 ongoing proof of reserves
Source details
Source category
Official documentation or product page
Provenance
Subject-controlled source
Primary or secondary
Primary source
Reliability
High
Mountain Protocol
Published Not yet recorded		Onchain Reserve, Stablecoin Backing, Exit Contract, Phase3 Reserve and ExitArchive index or wildcard
Official statement or announcement

USDM wind-down overview

High
Publisher
Mountain Protocol
Published
Not yet recorded
Provenance
Subject-controlled source
Primary or secondary
Primary source
Supported claims
Wind Down Phases, Issuance Status, Rewards Transition, Wind Down Plan
Reliability
High
Legal terms or disclosure

Mountain Protocol Phase 3 terms

High
Publisher
Mountain Protocol Limited
Published
Not yet recorded
Provenance
Subject-controlled source
Primary or secondary
Primary source
Supported claims
Former Issuer, Platform Redemption Termination, Wind Down Overseer, Phase3 Legal and Redemption Status
Reliability
High
Official documentation or product page

USDM Phase 3 ongoing proof of reserves

High
Publisher
Mountain Protocol
Published
Not yet recorded
Provenance
Subject-controlled source
Primary or secondary
Primary source
Supported claims
Onchain Reserve, Stablecoin Backing, Exit Contract, Phase3 Reserve and Exit
Reliability
High
Record details
Classification, review, and event-specific data
Record ID
sog_ev_mountainusdm_wind_down
Severity
Critical
Event type
Wind Down
Public category
Wind-down and termination
Lifecycle effect
Entered wind-down
Recovery or reversal
Not applicable
Recovery date
Not yet recorded
Cause or mechanism
Mountain Protocol issuance, direct redemption, and platform operation ended when Phase 3 took effect on 2025-08-22; residual on-chain wind-down and exit routes continue as post-discontinuation context.
Structured detail kind
Termination
Record confidence
High
Evidence relations
3

Event-specific details

Termination

Summary
Mountain Protocol issuance, direct redemption, and platform operation ended when Phase 3 took effect on 2025-08-22; residual on-chain wind-down and exit routes continue as post-discontinuation context.
Status
Discontinued
Related organizations
sog_issuer_mountain_protocol

Maintenance

Corrections and further reading

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