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 Price methodology

## 1. Overview

Asset price represents the closing USD value of a tokenized asset at the end of each day. Daily prices are recorded to facilitate the valuation of on-chain activity and the calculation of market capitalization. Each price point reflects the market value at the conclusion of the UTC day.

## 2. Data sources

- **Asset metadata**: Token contract addresses, ticker identifiers, and on-chain launch timestamps
- **External data**: End-of-day price feeds and exchange rate feeds from market data providers
- **Blockchain data**: Data covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others) and non-EVM chains such as Solana, Aptos, and Near

## 3. Step-by-step calculation

### Component A: Market data retrieval

- **Purpose**: Collect raw daily price information
- **Logic**: Daily price data is retrieved from external market data providers. For assets pegged to specific currencies, prices are calculated using a multiplier and daily exchange rates. For assets traded on traditional exchanges where data is unavailable on certain days, such as weekends or holidays, missing values are filled with the last available closing price.

### Component B: Timestamp normalization

- **Purpose**: Align price data with daily reporting periods
- **Logic**: Timestamps are truncated to the daily grain. To accurately reflect the closing value, prices recorded at the start of a day (00:00:00 UTC) are assigned to the preceding calendar day.

### Component C: Asset mapping and deduplication

- **Purpose**: Associate prices with unique assets and resolve data overlaps
- **Logic**: Prices are mapped to assets using unique identifiers for EVM-compatible and non-EVM chains. To ensure data integrity, price records are filtered to include only those occurring on or after the asset's on-chain launch date. In instances where price data for a single asset is available from multiple sources, the data is deduplicated by selecting the record with the highest priority to ensure a single, consistent closing price.

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

Asset price

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