USDM, issued by Moneta Digital LLC, is a fiat-backed stablecoin issued as a native Cardano asset that represents a claim on U.S. dollar (USD) reserves held 1:1 against tokens in circulation. [S1][S2]

Each USDM tracks the U.S. dollar at a 1:1 peg and is backed by reserves of at least 100% held in segregated accounts at regulated U.S. institutions, composed of institutional U.S. money market funds, FDIC-insured bank deposits, and short-duration U.S. Treasury exposure. [S3][S2] USDM is non-interest bearing; reserve income accrues to the issuer, not tokenholders. [S4] Minting carries a 0% fee and redemption a 0.1% fee. [S5][S4]

Moneta Digital LLC, a Montana, United States fintech company, registers as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN) under registration number 31000327040139 and is subject to the Bank Secrecy Act and AML obligations. [S3][S6] In the European Economic Area, USDM is co-issued by Norwegian Block Exchange AS under MiCA. [S4][S2] USDM is not a security or investment. [S4] Holders complete KYC verification; minting and redeeming for fiat are restricted to users in roughly 20 licensed U.S. states. [S5][S4] Verified users redeem by burning USDM for USD 1:1 to a verified bank account, with reserves held in segregated accounts at regulated institutions. [S5]

USDM is a native Cardano asset issued on the Cardano blockchain only, without bridges or wrappers. [S1][S2] KYC-verified users mint by depositing USD or sending USDC at 1:1 and redeem by requesting a burn for transfer to a verified bank account. [S5][S4] Reserve composition is published and verified daily onchain through the transparency dashboard. [S7]

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://moneta.global" },
    { id: "S2", url: "https://moneta.global/learn/usdm-core-fundamentals/" },
    { id: "S3", url: "https://moneta.global/legal-notes/" },
    { id: "S4", url: "https://moneta.global/resources/faq/" },
    { id: "S5", url: "https://moneta.global/terms-of-service.pdf" },
    { id: "S6", url: "https://moneta.global/legal-notes/" },
    { id: "S7", url: "https://moneta.global/transparency/" },
  ]}
/>


# Mountain Protocol USD Circulating asset market cap methodology

## 1. Overview

Mountain Protocol USD Circulating asset market cap measures the total value of the Mountain Protocol USD asset tokenized onchain. The metric accounts for the rebasing nature of the token by tracking both the underlying shares and the daily reward multiplier. The total value is derived from the product of the total outstanding shares and the current multiplier, representing the aggregate USD value held by token holders across all supported networks.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers and `RewardMultiplier` events from `USDM` contracts on Ethereum, Arbitrum, Base, Optimism, and Polygon.
- **External data**: End-of-day price feeds.

<AddressTable metricId="asset_market_cap_circulating" dataId="mountainprotocol" />

## 3. Step-by-step calculation

### Component A: Share tracking

- **Purpose**: To calculate the total number of underlying shares issued for the Mountain Protocol USD asset.
- **Logic**: ERC-20 token transfers are monitored on supported EVM chains. Mints are identified as transfers from the null address, and burns are identified as transfers to the null address. Each mint and burn amount is converted into shares by dividing the token amount by the `reward_multiplier` active at the block and log index of the transaction. If a transaction occurs before the first recorded multiplier event, a default value of 1.0 is applied. These share deltas are aggregated chronologically to determine the total outstanding shares at the end of each day.
- **Key fields**: `amount` (token quantity), `shares` (calculated share delta), `token_address` (contract address).

### Component B: Reward multiplier tracking

- **Purpose**: To retrieve the daily rebase factor used to determine the token's value.
- **Logic**: `RewardMultiplier` events are retrieved from `USDM` contracts across all supported chains. These events track the rebase multiplier for the rebasing token. The most recent multiplier value recorded on a given day is selected as the end-of-day multiplier.
- **Key fields**: `reward_multiplier` (rebase factor).

### Component C: Final aggregation and valuation

- **Purpose**: To combine share and multiplier data to calculate the total market cap in USD.
- **Logic**: The total daily shares are multiplied by the end-of-day reward multiplier to calculate the circulating market cap. Data is aggregated across all supported chains. Amounts are normalized by decimal precision. Because the Mountain Protocol USD asset is designed to maintain a stable value relative to the multiplier, the resulting figure represents the total USD value tokenized onchain. To ensure a continuous time series, values are forward-filled for any days where no new events are recorded.
- **Key fields**: `total_shares_eod` (sum of shares), `reward_multiplier_eod` (daily multiplier), `asset_market_cap_circulating` (final USD value).

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Stablecoins

Moneta issues fiat-backed stablecoins on Cardano, maintaining 1:1 USD reserves with on-chain proof of reserves.

Moneta is the issuer of USDM, a fiat-backed U.S. Dollar stablecoin native to Cardano. USDM is fully backed by USD reserves and is the largest Cardano-native stablecoin by market capitalization.

Moneta (formerly Mehen Finance) is a Cardano-native stablecoin issuer.

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Stablecoin issuers

Moneta

Moneta Global USDM (USDM) is a U.S. dollar stablecoin issued by Moneta through Moneta Digital LLC.

Each token is redeemable one-for-one for U.S. dollars and is a direct claim on the issuer.

Reserves are held in money market funds and bank deposits, in accounts segregated from the issuer's own funds.

Retail investors and institutions can mint and redeem directly with Moneta in USD after completing KYC, and holders have a contractual right to redeem at par.

Moneta Digital LLC is the issuing entity.

Holder terms are governed by the law of New York in the United States.

USDM has been issued on Cardano as a Cardano native asset token since March 2024.

Moneta Global USDMUSDM