TechFlow, May 13 — According to Crowdfundinsider, Anchorage Digital has signed a definitive agreement to acquire Mountain Protocol, a company regulated by the Bermuda Monetary Authority and developer of the USDM stablecoin. The acquisition, subject to customary closing conditions and regulatory approvals, aims to integrate Mountain Protocol’s team, technology, and licensing framework to expand Anchorage Digital’s stablecoin business capabilities. Nathan McCauley, CEO of Anchorage Digital, said: "Stablecoins are becoming the backbone of the digital economy. With this acquisition of Mountain Protocol, we are taking a significant step forward in supporting institutional adoption of stablecoins." USDM, developed by Mountain Protocol—a Multicoin Capital-backed firm that recently raised $8 million in Series A funding—is a multi-chain stablecoin fully backed by U.S. Treasuries. Anchorage Digital, the first federally chartered cryptocurrency bank in the U.S., is valued at over $3 billion and backed by institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa.
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