PANews reported on May 13 that according to CoinDesk, Anchorage Digital, a federally chartered crypto bank in the United States, stated on Monday that it has signed a final agreement to acquire Mountain Protocol, a stablecoin issuer, as part of its strategy to deepen support for institutional stablecoin usage. Anchorage said that after completing relevant procedures and obtaining regulatory approval, it plans to incorporate Mountain's technology, team, and licensing architecture into its operations; as part of the acquisition, it will gradually phase out the USDM token through an "orderly wind-down process".
Regulated by the Bermuda Monetary Authority, Mountain issues the yield-bearing stablecoin USDM, which is backed by short-term U.S. Treasury securities. According to RWA.xyz data, the token was launched at the end of 2023 and quickly grew its supply to $150 million in the first few months after launch, but subsequently declined to $50 million.
