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According to The Block, Mountain Protocol, a yield-bearing stablecoin protocol, has closed a seed funding round led by Nic Carter of Castle Island Ventures, with participation from Coinbase Ventures, New Form Capital, Daedalus Angels and others. Mountain Protocol co-founder and CEO Martin Carrica said the funding amount is confidential due to regulatory requirements.
Mountain Protocol, which was licensed as a digital asset issuer by the Bermuda Monetary Authority on July 27, is reportedly launching its first state-regulated, yield-bearing stablecoin called USDM. The token is fully backed by short-term U.S. Treasuries, with the difference that USDM offers daily rewards in the form of rebasing, currently at a rate of 5% APY. Additionally, USDM is not available to U.S. clients and the asset is not registered as a U.S. security.
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