Crypto Bank Anchorage Digital has expanded its stablecoin offers with the acquisition of the mountain protocol, a Stablecoin transmitter which says that it will start to wrap its main Stablecoin, USD Mountain (USDM).
The acquisition, which is subject to the usual closing conditions and regulatory approval, will integrate the mountain protocol team, the technological battery and the license frame in existing anchorage offers, anchorage said in a press release of May 12.
Although the terms of the agreement have not been disclosed, it reflects a number of acceleration of acquisitions between cryptographic and tradfi companies in recent months.
Explaining the acquisition, the CEO of anchorage, Nathan McCauley, said that the stablecoins became the backbone of the cryptographic economy, while anticipating that “each business” will eventually use stablecoins as part of their operations.
The CEO of Mountain Protocol, Martin Carrica, said that his experience of Stablecoin and the cryptographic anchorage infrastructure position the merger companies to meet the growing global demand for stabing services.
Anchorage is the only digital asset bank with a federal charter in the United States, while the Stablecoin services of Mountain Protocol are regulated by the monetary authority of Bermuda.
It arrives about nine months after Anchorage introduced a program of Stablecoin rewards for institutions holding the Stablecoin of Paypal USD (Pyusd).
The USDM of the mountain protocol to end
As part of the acquisition, Mountain Protocol said that it would start an “ordered sales process” for the USDM, which operates as a stable of yield.
Mountain Protocol said he had stopped doing stablecoin on May 12, but noted that the USDM The awards will remain active for an additional 30 days. After that, the award rate will be set at 0% APY.
The customers of the Stablecoin transmitter can exchange their USDM via the company’s platform, while other USDM holders are encouraged to exchange stablecoin for other discussions on exchanges.
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The USDM based in Ethereum de Mountain Protocol should not be confused with the Stablecoin USDM of Mehen Finance, which works on the Cardano network.
The USDM of Mountain Protocol was a considerable success shortly after the launch at the end of 2023, moving to a market capitalization of $ 155 million by March 2024, according to Rwa.xyz. However, its market capitalization has since fallen below $ 50 million.
Rwa.xyz estimates that there are about 10,820 CARDSD.
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