Mountain Protocol Joins Anchorage Digital
We’d like to share an important update with the Arbitrum community:
Mountain Protocol has signed a definitive agreement to be acquired by Anchorage Digital, home to the only federally chartered digital asset bank in the US.
As part of this transition, we’ve begun an orderly wind-down of USDM. You can find more details in the announcement here.
We kindly encourage the Arbitrum Foundation to redeem its USDM holdings through our platform. Starting June 12th, USDM will no longer pay rewards, providing a window for Arbitrum to redeem.
We’re deeply grateful to the Arbitrum Foundation and the STEP Committee for selecting USDM in the first round of the STEP program. It’s been a privilege to contribute to Arbitrum’s vision for integrating real-world assets into DeFi.
Looking ahead, we’re excited to introduce USDG — the stablecoin supported by the Global Dollar Network, an alliance of crypto and fintech leaders including Anchorage Digital, Paxos, Kraken, and Robinhood.
While USDG is not currently native on Arbitrum, the network commits to providing a reasonable timeline to native issuance if the community finds the asset valuable and a continuous part of STEP.
USDG is substantively compliant with the Monetary Authority of Singapore’s upcoming stablecoin framework, and backed 1:1 by USD. USDG also offers stablecoin rewards for protocols and ecosystems such as Arbitrum. This ensures a smooth continuity for partners looking to offer reward-bearing stablecoin experiences without compromising on trust or compliance.
We are happy to support the STEP committee on a transition to USDG and welcome the community feedback.
Thank you again for your support. We look forward to continuing our collaboration with the Arbitrum community.
— The Mountain Protocol Team (now part of Anchorage Digital)