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Record sog_st_mountainusdm
USDM/Mountain Protocol USD
Also recorded as USDM, Mountain USDM, Mountain Protocol USD
- Lifecycle
- Winding Down
- Issuance
- Terminated
- Reference target
- US dollar
- Primary organization
- Mountain ProtocolNo additional recorded relationship
- Launch
- 2023-09-11
- Redemption
- Protocol Redemption
- Backing
- Crypto-collateralized
- Stabilization
- Issuer redemption
- Last review
- 2026-06-23
- Evidence
- 4 source records
Reviewed assessment
Identity and current state
This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.Historical rebasing USD stablecoin of Mountain Protocol now in Phase 3 wind-down, with reserves moved to on-chain stablecoin liquidity and no continuing issuer redemption platform.
| Name | Mountain Protocol USD |
|---|---|
| Symbol | USDM |
| Aliases | USDM, Mountain USDM, Mountain Protocol USD |
| Asset class | Stablecoin |
| Lifecycle status | Winding Down |
| Issuance status | Terminated |
| Canonical record ID | sog_st_mountainusdm |
| Route slug | mountain-usdm |
| Record confidence | High |
| Last reviewed | 2026-06-23 |
- Name
- Mountain Protocol USD
- Symbol
- USDM
- Aliases
- USDM, Mountain USDM, Mountain Protocol USD
- Asset class
- Stablecoin
- Lifecycle status
- Winding Down
- Issuance status
- Terminated
- Canonical record ID
sog_st_mountainusdm- Route slug
mountain-usdm- Record confidence
- High
- Last reviewed
- 2026-06-23
Record coverage
| Section | Entries |
|---|---|
| Organizations | 1 |
| Sources | 4 |
| Reserve reports | 1 |
| Reserve components | 1 |
| Model-history events | 1 |
| Regulatory notes | 0 |
| Deployments | 1 |
| Issuer-control actions | 0 |
| Open questions | 2 |
| Events | 2 |
Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.
- Governance
- Centralized
- Primary display organization
- Mountain Protocol
- Primary display role
- Legal issuer
- Display selection mode
- Deterministic Policy
- Current relationships
- 0
- Ended relationships
- 1
- Unknown relationship state
- 0
- Freeze capability
- 0 recorded yes · 0 recorded no · 1 not recorded
- Blacklist capability
- 0 recorded yes · 0 recorded no · 1 not recorded
- Deployment control-event references
- 1
- Observed issuer-control events
- 0
- Relationship coverage
- 1 recorded relationship
| Organization | Organization category | Regulatory character | Jurisdiction | Role | Display priority | From | Until | Relationship status |
|---|---|---|---|---|---|---|---|---|
| Mountain Protocol | Company or corporate group | Not recorded in canonical data | Bermuda | Legal issuer | Primary display | Not yet recorded | 2025-08-22 | Ended relationship |
Company or corporate group
Primary displayMountain Protocol
- Functional role
- Legal issuer
- Relationship status
- Ended relationship
- Regulatory character
- Not recorded in canonical data
- Jurisdiction
- Bermuda
- From
- Not recorded
- Until
- 2025-08-22
Mechanism
How the asset works
Reference, backing, stabilization, exit, valuation, and yield remain separate facts.- Reference target
- US dollar
- Reference kind
- Fiat
- Comparison category
- US dollar
- Target value
- 1
- Reference methodology
- USDM historically targeted one U.S. dollar; Phase 3 provides an on-chain stablecoin reserve and exit mechanism during wind-down.
- Public backing model
- Crypto-collateralized
- Canonical backing types
- Stablecoin Collateral
- Reserve component categories
- Stablecoin Collateral
- Primary stabilization mechanism
- Issuer redemption
- Recorded model description
- Phase 3 Stablecoin Reserve Wind Down
- Redemption / exit model
- Protocol Redemption
- Valuation source
- Mountain Protocol Phase 3 wind-down documentation
- Yield / rebase profile
- Rebasing · Accrual: Asset
- Classification notes
- Winding-down rebasing stablecoin. Normal issuance and issuer-platform redemption are terminated even though token and pool functions remain.
Reserve and redemption
Reserve and redemption
Recorded components, disclosures, reports, and redemption conditions remain explicit.Reserve components
- Eligible stablecoins held in the Phase 3 on-chain reserve structureStablecoin Collateral
| Disclosure status | Phase3 Onchain Proof of Reserves |
|---|---|
| Backing types | Stablecoin Collateral |
| Summary | In Phase 3 of the wind-down, official documentation describes the remaining USDM reserves as eligible stablecoins held in an Ethereum smart-contract structure with on-chain proof-of-reserves guidance. |
| As of | 2026-06-15 |
| Profile confidence | High |
- Disclosure status
- Phase3 Onchain Proof of Reserves
- Backing types
- Stablecoin Collateral
- Summary
- In Phase 3 of the wind-down, official documentation describes the remaining USDM reserves as eligible stablecoins held in an Ethereum smart-contract structure with on-chain proof-of-reserves guidance.
- As of
- 2026-06-15
- Profile confidence
- High
| Current status | Protocol Based |
|---|---|
| Settlement asset | Eligible stablecoins through the Phase 3 on-chain wind-down and liquidity mechanism |
| Eligible parties | Holders able to interact with the supported Ethereum contracts and liquidity routes. |
| Retail access | Public Protocol or Market Based |
| Institutional access | Issuer Platform Terminated |
| Minimum amount | Pool, smart-contract, and transaction dependent. |
| Fee | Pool, slippage, smart-contract, and network costs may apply. |
| Settlement time | On-chain transaction and pool-state dependent. |
| Regional limits | The former issuer redemption platform is no longer operated. |
- Current status
- Protocol Based
- Settlement asset
- Eligible stablecoins through the Phase 3 on-chain wind-down and liquidity mechanism
- Eligible parties
- Holders able to interact with the supported Ethereum contracts and liquidity routes.
- Retail access
- Public Protocol or Market Based
- Institutional access
- Issuer Platform Terminated
- Minimum amount
- Pool, smart-contract, and transaction dependent.
- Fee
- Pool, slippage, smart-contract, and network costs may apply.
- Settlement time
- On-chain transaction and pool-state dependent.
- Regional limits
- The former issuer redemption platform is no longer operated.
| Date | Publisher | Type | Assets covered | Record confidence |
|---|---|---|---|---|
| Not yet recorded | Mountain Protocol | Onchain Proof of Reserves | Stablecoin Collateral | High |
Mountain Protocol
Not yet recorded- Type
- Onchain Proof of Reserves
- Assets covered
- Stablecoin Collateral
- Record confidence
- High
Deployments and legal context
Deployments and legal context
Network state, contract identity, legal notices, and value states remain separate.| Network | Network record state | Standard | Public deployment category | Canonical deployment type | Operational state | Recorded status | Change or proposal state | Canonicality | Canonicality record state | Verification state | Contract identity state | Contract or identifier | Freeze | Blacklist | Control events | Notes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | Specific network recorded | ERC-20 | Historical or legacy deployment | Historical Issuer Supported Token | Winding down | Winding Down | Wind-down recorded | Legacy deployment | Canonicality recorded | Identifier recorded; verification not recorded | Identifier recorded | 0x59D9356E565aB3A36dD77763Fc0d87fEaf85508C | Not yet recorded | Not yet recorded | 1 | Legacy USDM token retained during Phase 3 wind-down; issuer-platform minting and redemption are terminated. |
| Date | Title | Authority / publisher | Type | Summary |
|---|---|---|---|---|
| No regulatory notes have been added yet. | ||||
No regulatory notes have been added yet.
Evidence
Evidence
Publisher, provenance, supported claims, archive state, reliability, and publication date remain separate.| Source | Publisher | Source category | Provenance | Primary or secondary | Supported claims | Archive | Reliability |
|---|---|---|---|---|---|---|---|
| USDM wind-down overview Published Not yet recorded | Mountain Protocol | Official statement or announcement Canonical: Official Statement | Subject-controlled source | Primary source | Wind Down Phases, Issuance Status, Rewards Transition, Wind Down Plan | Archive index or wildcard | High |
| Mountain Protocol Phase 3 terms Published Not yet recorded | Mountain Protocol Limited | Legal terms or disclosure Canonical: Terms of Service | Subject-controlled source | Primary source | Former Issuer, Platform Redemption Termination, Wind Down Overseer, Phase3 Legal and Redemption Status | Archive index or wildcard | High |
| USDM Phase 3 ongoing proof of reserves Published Not yet recorded | Mountain Protocol | Official documentation or product page Canonical: Official Documentation | Subject-controlled source | Primary source | Onchain Reserve, Stablecoin Backing, Exit Contract, Phase3 Reserve and Exit | Archive index or wildcard | High |
| Unveiling Mountain Protocol Published 2023-09-11 | Mountain Protocol | Official statement or announcement Canonical: Official Blog | Subject-controlled source | Primary source | Launch Date, Public Launch, Product Identity, Mountain Protocol and Usdm Public Launch | Archive index or wildcard | High |
Known unknowns
Known unknowns and coverage
Missing or disputed facts remain visible instead of being converted into certainty.| Topic | What remains unclear | Value state | Priority | Last checked |
|---|---|---|---|---|
| Final Termination Date | USDM is in Phase 3 wind-down, but a final date on which all token, reserve, wrapping, or exit functionality ends is not fixed. | Unknown after review | High | 2026-06-15 |
| Phase3 Rebase and Wrapper State | The exact continuing behavior of USDM rebases and wUSDM conversion across all Phase 3 contracts requires on-chain verification. | Unknown after review | Medium | 2026-06-15 |
Final Termination Date
USDM is in Phase 3 wind-down, but a final date on which all token, reserve, wrapping, or exit functionality ends is not fixed.
- Value state
- Unknown after review
- Priority
- High
- Last checked
- 2026-06-15
Phase3 Rebase and Wrapper State
The exact continuing behavior of USDM rebases and wUSDM conversion across all Phase 3 contracts requires on-chain verification.
- Value state
- Unknown after review
- Priority
- Medium
- Last checked
- 2026-06-15
Lifecycle
History
Current classification remains separate from dated changes and incidents.Model and lifecycle changes
| Date | Event | Category | Subtype | Status effect | Recovery |
|---|---|---|---|---|---|
| 2023-09-11 | Mountain Protocol publicly launches USDM | Launch and introduction | Launch | Remained active | Not applicable |
| 2025-08-22 | Mountain Protocol advances USDM to Phase 3 wind-down | Wind-down and termination | Wind Down | Entered wind-down | Not applicable |
Related records and corrections
Corrections and further reading
Open connected records, methodology, machine-readable data, or report a correction.- All stablecoinsCompare this record with the rest of the archive.
- Mountain ProtocolBermuda
- Event registry2 connected events recorded.
- MethodologyRead classification, evidence, and value-state rules.
- CorrectionsReport a source, relationship, or record problem.
- Data manifestInspect the machine-readable public layer.