Glossary
USDM
Mountain Protocol's yield-bearing fiat-backed stablecoin — passes its T-bill yield through to holders as a rebasing token, regulated by Bermuda.
Mountain Protocol issues USDM as a fiat-backed stablecoin with an unusual twist: rather than holding the Treasury yield as issuer profit, USDM rebases daily to distribute the underlying T-bill yield directly to holders' balances. The structure is regulated under the Bermuda Monetary Authority.
USDM positions itself between traditional fiat-backed stablecoins (USDC, USDT) that keep yield for the issuer and tokenized money markets (BUIDL, OUSG) that require KYC. USDM holders need not be qualified investors.