What is Mountain Protocol? Mountain Protocol is the protocol that brings profit-generating Stablecoins to the DeFi market. The project is a partner of JPMorgan bank, which will manage reserves in US treasury bonds for Stablecoin USDM.
So what is Mountain Protocol? What is USDM’s outstanding history? Let’s find out in this article!
What is Mountain Protocol?
Mountain Protocol is an RWA protocol, issuing Stablecoin USDM with yields based on market demand on Ethereum. USDM is a USD-pegged Stablecoin and is fully collateralized by short-term US Treasury bond assets.
USDM is built with the stETH development contract, meaning it works similarly to stETH. Therefore, when Treasury bonds generate profits, the initial amount of USDM also increases to ensure a 1:1 exchange rate. But this type of token will not be friendly to the DeFi market, so the project also provides a wrapper of USDM, wUSDM. WUSDM similar to wstETH will increase in value over time, that is, after a period of profit accumulation wUSDM will cost more than 1 USD.
Mountain Protocol initially accepted users to use USDC in exchange for USDM. The USDC received by the protocol will be used to buy short-term US treasury bonds and earn profits over time. These assets will be custodial by JPMorgan, Fireblocks will store reserve assets for the protocol’s USDM. In the future, the project will support more fiat currencies and many other types of Stablecoins.
Mountain Protocol’s parent company, Mountain Protocol Limited, has applied for all licenses to support this service. The project fully complies with the law and operates completely transparently and publicly.
According to the proposed plan, Stablecoin USDM will bring a profit or interest rate of 5% per year. In addition, USDM holders can also use it to provide liquidity or as collateral to borrow other assets,…
Development Roadmap
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Core Team
Matías Caricato: Co-Founder
- In 2012, Matías worked as Full Stack Developer and DevOpsFull Stack Developer and DevOps at Sol361. He is responsible for customer training and technology consulting.
- In 2014, Matías moved to become Full Stack EngineerFull Stack Engineer for Restorando.
- In 2017, he stopped cooperating with Restorando to join Elementum. Here he held positions such as Technical Lead, Engineer Manager, Senior Engineer Manager.
- Currently, Matías is Chief Technology Officer at Buenbit and Co-Founder of Mountain Protocol.
Martin Carrica: Co-Founder
- Martin graduated with a Master’s degree in Engineering from Instituto Tecnológico de Buenos Aires and with a Master’s degree in Business Administration at MIT Sloan School of Management.
- In 2013, Martin was a consultant for McKinsey&Company.
- In 2015, Martin moved to be Product Manager for Rappi.
- In 2017, he worked as Product Manager at Zillow Group.
- Until 2018, Martin returned to work as a consultant for McKinsey&Company.
- In 2020, Martin officially founded Nalu, helping banks and fintechs launch new products.
- Currently, he is Co-Founder at Mountain Protocol, the for-profit USDM Stablecoin offering protocol.
Investors
September 11, 2023: Seed round received investment from funds such as Coinbase Ventures, Castle Island Ventures, New Form Capital and individuals such as Ameen Soleimani, Alex Svanevik, maraoz, Demi Brener.
Tokenomics
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Mountain Protocol Information Channel
Summary
Mountain Protocol is a for-profit Stablecoin offering protocol based on the RWA asset. This type of Stablecoin is being developed strongly and is gaining market attention. Because it has good applications in the Crypto market, Stablecoin will help holders earn more interest while still protecting their assets.
So I have clarified Mountain Protocol and Stablecoin USDM. Hope this article brings you a lot of useful information!
