USDM is a yield-bearing stablecoin backed by US Treasury Bills. Yield is passed to holders via daily rebasing. Regulated under Bermuda Monetary Authority.
Market Cap
$48.1M
Peg Deviation
+0.500%
Regulatory Grade
B
Regulatory Score
66/100
Issuer & Reserve Details
Issuer
Mountain Protocol
Issuer Type
Centralized
Treasury Transparency
Audited Reports
Backing Type
RWA (Real World Assets)
Reserve CompositionBacked by short-term US Treasury bills. Yield passed to holders via daily rebasing. Regulated in Bermuda (BMA license).
Peg MechanismDirect redemption through Mountain Protocol. Daily rebase distributes Treasury yield.
Regulatory Scorecard
Reserve CompositionAll reserves in GENIUS Act permitted assets
Compliant20/20
Audit & TransparencyMonthly audits by Attestation provided
Partial13/20
Redemption Rights≤2 Business Days redemption
Compliant13/15
Issuer LicensingForeign jurisdiction
Non-Compliant6/15
Consumer ProtectionPays yield (GENIUS Act risk)
Non-Compliant4/15
CLARITY ClassificationRWA yield token — may not qualify as payment stablecoin
Partial10/15
Reserve Assets
T-Bills (≤93 days)
Audit Frequency
Monthly by Attestation provided
Redemption
≤2 Business Days+ Fiat
License
Foreign Regulated
Bermuda Monetary Authority (BMA)
Classification
Yield-Bearing RWA
Backing Ratio
100% (Segregated)
Top Yields for USDM
Source: DeFiLlama
| Platform | Chain | Type | Yield Source | APY | TVL | Safety | Links |
|---|---|---|---|---|---|---|---|
 merkl Audited |  Monad | DeFi | Emissions | 38.40% | $529,332 | C · 55 | |
merkl Audited | Monad | DeFi | Emissions | 18.60% | $1.1M | C · 62 | |
merkl Audited | Monad | DeFi | Emissions | 14.08% | $538,617 | C · 61 | |
 minswap-dex |  Cardano | DeFi | Unknown | 9.87% | $508,942 | D · 46 | |
 liqwid | Cardano | DeFi | Unknown | 5.35% | $1.4M | D · 50 | |
 morpho-v1 Multiple Audits |  Ethereum | DeFi | Lending | 5.15% | $422.2M | A · 98 | |
minswap-dex | Cardano | DeFi | Unknown | 4.61% | $2.2M | D · 52 | |
merkl Audited | Ethereum | DeFi | Emissions | 3.41% | $422.3M | A · 90 |
Audit & Attestation History
No audit records available
Attestation reports will appear here when available
Disclaimer: Compliance scores are for informational purposes only and do not constitute financial or legal advice. Regulatory scores are based on the GENIUS Act (S.1582) and CLARITY Act (H.R.3633) frameworks using publicly available information. The GENIUS Act takes effect no later than January 18, 2027. Always conduct your own research.
Back to all stablecoins