Product Structuring

Mountain Protocol Limited (the "Company") is a licensed Digital Asset Business (license #202302512) allowed to conduct the following business activities:

  • Issuing, selling, and redeeming virtual coins, tokens, or any other form of digital assets.

  • Providing custodial wallet services.

The Company provides its services by directly issuing the USDM token, operating the Mountain Protocol platform, and leveraging multiple service providers directly or on users' behalf.

Rights conferred by the USDM token

The Company will ensure US$ 1 or an equivalent amount of USD-denominated assets will be held in the name of the Company with regulated financial institutions in bankruptcy-remote accounts, segregated from the operating accounts of the Company, held on behalf of, and for the benefit of, Users that request a redemption of USDM ("Redeeming Users").

Every USDM minted and sold by the Company and remaining in circulation, either US$1 or an equivalent amount of USD-denominated assets in such segregated accounts, will be held in the name of the Company in such segregated accounts on behalf of and for the benefit of, Redeeming Users.

The Company commits to redeem 1 USDM for US$1 from a Redeeming User, subject to compliance with the Company's policies and procedures and the "Terms of Service" accepted by Users.


Mountain Protocol works with enterprise-grade partners and, when possible, with leading regulated institutions.


Digital asset issuer

Mountain Protocol Limited (the Company)

Digital asset custody

Fireblocks - link

Smart contract audit

OpenZeppelin - link


The Network Firm - link


Coinbase Prime - link

Compliance analytics

Chainalysis - link

Investment Manager

EQ Capital - link

US Representation

Winston & Strawn LLP - link

Offshore representation

Carey Olsen - link

3rd party signing

Steakhouse Financial - link



User experience

This user experience of USDM will feel familiar to users of other stablecoins such as USDC, USDT, GUSD, or other fiat-backed stablecoins, since they all:

  • Have Primary users (KYC'd account holders) and Secondary users (pseudonymous users with no direct relationship with the issuer).

  • Allow primary users to purchase and redeem stablecoins at a 1:1 price via portal or API, used mainly by Exchanges, Arbitrageurs/Market Makers, or large buyers.

  • Rely on arbitrageurs to maintain secondary market prices at ~$1.

  • The Token can be used freely in the secondary market, including transfers to other EOAs or Smart Contracts, without any additional approvals.

User types

The Company also recognizes two types of users: primary and secondary users.

Primary users (or customers) have an approved account with Mountain Protocol, granting them access to the Mountain Protocol platform. The platform allows users to purchase and redeem USDM with USDC (fiat payments coming soon). Accounts will be eligible to incorporate businesses in supported jurisdictions that do not participate in restricted economic activities, pending compliance approval.

Secondary users (or customers) are those who acquired their USDM via the secondary market, such as a pool in Curve or other DeFi applications, or have been paid in USDM by another USDM holder. Secondary users need to apply for a Mountain Protocol account before they can redeem USDM directly with the Company. Alternatively, users can choose to swap their USDM to other users in the secondary market.

Note that the Company does not directly control secondary market pricing. The company does not guarantee that users can swap their USDM at par in the secondary market.

Open composability

USDM is an ERC20 token that can be used freely in any ERC20-compatible protocol as long as such activity falls under the terms and conditions.

The Company will conduct efforts to provide USDM users with more options, which include:

  • Swap pools: allowing for cheap swaps from the most popular assets to USDM.

  • Lending protocols: providing USDM as collateral or borrow asset.

  • PSMs: by enabling USDM as collateral to mint other assets, users can benefit from 0% interest loans (or even negative interest rate loans).

  • LPs: Digital asset pools trading against USD-denominated stablecoins benefit from a yield-bearing USD asset to boost returns.

Warning: given the risky nature of bridges, Mountain Protocol does not endorse or support any bridges. Users who leverage bridges do so at their own risk.

To minimize such risk, the Company will aim to offer native USDM in all large blockchains over time.

Supported blockchains

USDM will initially launch in Ethereum, with other blockchains coming after. Such blockchains will be prioritized based on market opportunity and customer demand.

Since the main bottleneck to launching in alternative blockchains is initial liquidity, if you are a large liquidity provider and are interested in partnering for launch in other blockchains, feel free to reach out to

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