USDM, issued by Mountain Protocol Limited, is a yield-bearing rebasing tokenized fund interest that passes through the return on a reserve of short-duration U.S. Treasury (UST) instruments to tokenholders at a fixed peg of one U.S. dollar (USD) [S1][S2][S3].

Each USDM entitles the holder to US$1 or an equivalent amount of USD-denominated assets held by the reserves vehicle, primarily U.S. Treasury bills with an average duration of 60 days or less, alongside money market funds, Treasury ETFs, and reverse repurchase agreements backed by U.S. Treasuries [S4][S5][S2]. Yield accrues daily through a rebasing reward multiplier updated near 12:00 UTC, increasing tokenholder balances while shares remain constant [S3][S6]. Reward rates are net annualized percentages with no fees charged on rewards [S2].

Mountain Protocol Limited is a Bermuda company regulated by the Bermuda Monetary Authority (BMA) under license #202302512 and the Digital Asset Business Act 2018 [S2][S7][S1]. Each token represents a 1:1 redemption right, not a fund or security interest [S2][S3]. USDM cannot be purchased by U.S. Persons, follows Regulation S, and excludes 56 or more restricted jurisdictions; only KYC-approved institutions in supported jurisdictions may hold primary accounts [S8][S5][S9]. Reserves are ring-fenced in USDM Reserves Ltd, a bankruptcy-remote orphan SPV held as a charitable trust by Carey Olsen Fiduciaries Bermuda Limited, segregated from the Company's assets [S5][S1].

USDM is a rebasing ERC-20 token natively issued on Ethereum and available on Arbitrum, Base, Optimism, Polygon, Avalanche, Celo, and ZKSync Era, with a wrapped non-rebasing ERC-4626 version, wUSDM [S3][S6]. Following the August 22, 2025 closure of primary mint and redeem, redemptions now occur only via secondary and decentralized markets [S1]. Reserves are verified through monthly attestations by Nephos Group [S10].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://docs.mountainprotocol.com/wind-down-legal/terms-and-conditions.md" },
    { id: "S2", url: "https://docs.mountainprotocol.com/legacy-legal-docs/terms-and-conditions.md" },
    { id: "S3", url: "https://docs.mountainprotocol.com/legacy-docs/usdm-token.md" },
    { id: "S4", url: "https://docs.mountainprotocol.com/legacy-docs/usdm-reserves.md" },
    { id: "S5", url: "https://docs.mountainprotocol.com/legacy-legal-docs/terms-and-conditions.md" },
    { id: "S6", url: "https://mountainprotocol.com/" },
    { id: "S7", url: "https://mountainprotocol.com/company/" },
    { id: "S8", url: "https://docs.mountainprotocol.com/legacy-legal-docs/u.s.-restrictions.md" },
    { id: "S9", url: "https://docs.mountainprotocol.com/legacy-docs/product-structuring.md" },
    { id: "S10", url: "https://docs.mountainprotocol.com/legacy-docs/usdm-reserves-attestations.md" },
  ]}
/>


# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

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

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

Tokenized funds

Mountain Protocol operates through a dual-user system where primary users (verified businesses) can mint and redeem USDM directly at $1, while secondary users can acquire tokens through exchanges and DeFi protocols. The protocol uses a daily rebasing mechanism to distribute yields, with reserves held in segregated accounts composed exclusively of short-term US Treasuries to minimize counterparty risk.

The project issues USDM, a permissionless yield-bearing stablecoin that provides daily rewards to holders while maintaining full collateralization through US government securities. USDM operates as an ERC20 token across multiple blockchains including Ethereum, Polygon, Arbitrum, and others, offering institutional-grade stability with bankruptcy remote asset protection.

Mountain Protocol is a regulated financial institution that operates a yield-bearing stablecoin protocol backed by short-term US Treasuries.

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Stablecoin issuers

Mountain Protocol

Mountain Protocol USD (USDM) is a tokenized fund share issued by Mountain Protocol.

The fund is closed-ended and invests in U.S. money market instruments.

There is no direct issuance route; the token is acquired on secondary markets.

USDM has been issued on public blockchains since August 2023 and is native to 8 networks, including Ethereum, Polygon, Arbitrum One, Base, OP Mainnet, and zkSync Era.

Mountain Protocol USDUSDM