TechFlow reports that Mountain Protocol, a nationally regulated yield-bearing stablecoin project, has announced the completion of its seed round financing led by Nic Carter of Castle Island Ventures, with participation from Coinbase Ventures, New Form Capital, Daedalus Angels, and others. Martin Carrica, co-founder and CEO of Mountain Protocol, stated that the funding amount remains confidential due to regulatory requirements.
Mountain Protocol received authorization from the Bermuda Monetary Authority on July 27 to become a digital asset issuer and is now launching its first nationally regulated, yield-generating stablecoin, USDM. The token is fully backed by short-term U.S. Treasury securities, with the key difference being that USDM provides users daily rewards through a rebasing mechanism, currently offering a 5% annual yield. USDM is not available to customers in the United States, and the asset is not registered as a U.S. security.
