Stablecoin record
Mountain Protocol USD
Historical rebasing USD stablecoin of Mountain Protocol now in Phase 3 wind-down, with reserves moved to on-chain stablecoin liquidity and no continuing issuer redemption platform.
LifecycleWinding Down
Events1
Sources3
| Symbol | USDM |
|---|---|
| Asset class | Stablecoin |
| Reference target | Fiat |
| Redemption / exit model | Protocol Redemption |
| Valuation source | Mountain Protocol Phase 3 wind-down documentation |
| Yield / rebase profile | Rebasing · Accrual: Asset |
| Classification notes | Winding-down rebasing stablecoin. Normal issuance and issuer-platform redemption are terminated even though token and pool functions remain. |
| Lifecycle status | Winding Down |
| Issuance status | Terminated |
| Peg reference | Fiat · USD |
| Backing types | Stablecoin Collateral |
| Stabilization | Issuer Redemption |
| Governance | Centralized |
| Primary organization | Mountain Protocol |
| Primary role | Legal Issuer |
| Last reviewed | 2026-06-15 |
| Organization | Role | From | Until | Relationship status |
|---|---|---|---|---|
| Mountain Protocol | Legal Issuer | — | — | Ended |
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Mountain Protocol
Stablecoin Company · Bermuda
Event history
1 event connected to this stablecoin.
| Disclosure status | Phase3 Onchain Proof of Reserves |
|---|---|
| Backing types | Stablecoin Collateral |
| Summary | In Phase 3 of the wind-down, official documentation describes the remaining USDM reserves as eligible stablecoins held in an Ethereum smart-contract structure with on-chain proof-of-reserves guidance. |
| As of | 2026-06-15 |
| Profile confidence | High |
| Current status | Protocol Based |
|---|---|
| Settlement asset | Eligible stablecoins through the Phase 3 on-chain wind-down and liquidity mechanism |
| Eligible parties | Holders able to interact with the supported Ethereum contracts and liquidity routes. |
| Retail access | Public Protocol or Market Based |
| Institutional access | Issuer Platform Terminated |
| Minimum amount | Pool, smart-contract, and transaction dependent. |
| Fee | Pool, slippage, smart-contract, and network costs may apply. |
| Settlement time | On-chain transaction and pool-state dependent. |
| Regional limits | The former issuer redemption platform is no longer operated. |
| Section | Entries |
|---|---|
| Organizations | 1 |
| Sources | 3 |
| Reserve reports | 1 |
| Regulatory notes | 0 |
| Deployments | 1 |
| Issuer-control actions | 0 |
| Open questions | 2 |
| Events | 1 |
| Date | Event | Type | Detail kind | Recovered |
|---|---|---|---|---|
| — | Mountain Protocol advances USDM to Phase 3 wind-down | Wind Down | Termination | — |
| Date | Publisher | Type | Assets covered | Record confidence |
|---|---|---|---|---|
| — | Mountain Protocol | Onchain Proof of Reserves | Stablecoin Collateral | High |
| Date | Title | Authority / publisher | Type | Summary |
|---|---|---|---|---|
| No regulatory notes have been added yet. | ||||
| Chain | Standard | Deployment | Status | Freeze | Blacklist | Control events | Contract | Notes |
|---|---|---|---|---|---|---|---|---|
| Ethereum | ERC-20 | Historical Issuer Supported Token | Winding Down | Unknown | Unknown | 1 | 0x59D9356E565aB3A36dD77763Fc0d87fEaf85508C | Legacy USDM token retained during Phase 3 wind-down; issuer-platform minting and redemption are terminated. |
| Source | Publisher | Type | Evidence scope | Reliability |
|---|---|---|---|---|
| USDM wind-down overview | Mountain Protocol | Official Statement | Wind Down Phases, Issuance Status, Rewards Transition, Wind Down Plan | High |
| Mountain Protocol Phase 3 terms | Mountain Protocol Limited | Terms of Service | Former Issuer, Platform Redemption Termination, Wind Down Overseer, Phase3 Legal and Redemption Status | High |
| USDM Phase 3 ongoing proof of reserves | Mountain Protocol | Official Documentation | Onchain Reserve, Stablecoin Backing, Exit Contract, Phase3 Reserve and Exit | High |
| Topic | What remains unclear | Priority | Last checked |
|---|---|---|---|
| Final Termination Date | USDM is in Phase 3 wind-down, but a final date on which all token, reserve, wrapping, or exit functionality ends is not fixed. | High | 2026-06-15 |
| Phase3 Rebase and Wrapper State | The exact continuing behavior of USDM rebases and wUSDM conversion across all Phase 3 contracts requires on-chain verification. | Medium | 2026-06-15 |