USDM Wind-Down Overview
Last updated
Last updated
Following its acquisition agreement with Anchorage Digital (), Mountain Protocol will begin an orderly wind-down of the Mountain USD (USDM) stablecoin. This decision is based in part on the evolving U.S. regulatory landscape, including upcoming stablecoin legislation.
The wind-down process has been designed to prioritize transparency, accessibility, and user protection. It includes redemption options for both Primary Customers as well as Secondary Customers.
As part of the wind down plan, minting has been disabled as of May 12th 2025 and primary customers will no longer be able to buy USDM. USDM Rewards will stay active for a 30-day period, after which USDM Rewards rate will be set to 0%.
This FAQ outlines key information about the wind-down, including redemption paths, timelines, and what to expect if you hold USDM.
Mountain Protocol remains committed to supporting all USDM holders throughout this transition and will continue to share updates as the process advances.
Why is Mountain Protocol winding down USDM?
This decision is based in part on the evolving U.S. regulatory landscape, including upcoming stablecoin legislation in the U.S.
Can I still redeem my USDM?
Yes. All USDM holders will retain redemption options throughout the wind-down process.
Can I still mint new USDM?
No. Minting of new USDM has been disabled. No additional supply will be issued.
Will I continue earning rewards on USDM?
USDM rewards will remain active for 30 days after the wind down announcement. After that period, the reward rate will be reduced to 0% and no additional rewards will accrue to USDM holders.
What should I do if I’m a Primary Customer with significant USDM holdings?
You are encouraged to redeem directly with Mountain Protocol as soon as commercially possible. If you have any extenuating circumstances please reach out to your Mountain Protocol account manager.
As a Primary Customer, would I have to pay any fee to redeem through the Mountain Protocol Platform?
Mountain Protocol does not charge any mint, redemption or any type of transactional fee. Through the Mountain Protocol Platform, customers will be able to redeem USDM for USDC/Fiat or other designated stablecoins at a 1:1 rate, only having to pay for gas fees when depositing the USDM on their deposit address.
What happens if I’m not a Primary Customer and I’m holding USDM on-chain?
As a USDM holder, you will be able to redeem your USDM by swapping it for other tokens through existing centralized or decentralized exchanges, including liquidity pools.
What will happen to USDM and wUSDM in DeFi protocols such as lending platforms?
Mountain Protocol has conducted a reasonable effort to reach out to protocols where USDM or wUSDM is integrated to notify them of the wind-down. While we cannot directly remove USDM or wUSDM from permissionless protocols, we recommend users withdraw their USDM/wUSDM from these platforms and proceed with redemption through the above-mentioned channels.
Is USDM still fully backed?
Yes. USDM will continue to be fully backed by reserve assets.
What happens to USDM across blockchains?
USDM issued natively can be redeemed by primary users on the Mountain Protocol Platform. Users can also use Chainlink’s CCIP native bridging capability to bridge their USDM to other networks if needed.
Is this wind-down being conducted in coordination with regulators?
Yes. Mountain Protocol is working closely with the Bermuda Monetary Authority (BMA) throughout the wind-down process, providing regular updates to ensure user protection and full commitment to regulatory compliance and transparency.
How can I stay informed about the wind-down process?
USDM holders may be interested in migrating their holdings into Global Dollar (USDG).
USDG is supported by the Global Dollar Network, an alliance of crypto and fintech leaders including Anchorage Digital, Paxos, Kraken, Robinhood, and others. It is designed to revolutionize the reward-sharing mechanism of stablecoins, creating a structure where network participants share in the value they help create.
Anchorage Digital clients can buy/sell, custody, trade, settle, and earn stablecoin rewards with USDG.
USDG is 1:1 backed by USD.
Mountain Protocol will communicate all updates through its website and social media. To review our official social media, please visit:
Users interested in migrating into USDG should reach out to the Mountain Protocol and/or Digital teams for more information. USDG is also available on secondary markets on Ethereum and Solana.