Mountain Protocol Releases USDM Stablecoin on Arbitrum Network

IconCryptoNewsTerminal Staff13 Jun, 2024

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Mountain Protocol Releases USDM Stablecoin on Arbitrum Network

Mountain Protocol, a stablecoin company, has announced the official launch of its native stablecoin, USDM, on the Arbitrum network. USDM is pegged 1:1 to the US dollar and is backed by a diversified portfolio of short-term US Treasury bonds, providing stability and security to users. As an incentive for adoption, Mountain Protocol has implemented a daily rebate mechanism that distributes interest income earned on USDM reserves to users. The current annualized interest rate stands at 5%, providing a steady stream of passive income for holders. This launch marks a significant expansion for Mountain Protocol, as Arbitrum's low transaction fees and fast transaction speeds open up new possibilities for the use of USDM in decentralized finance (DeFi) applications. Users can now easily trade, lend, and borrow USDM within the Arbitrum ecosystem, taking advantage of its scalability and cost-effectiveness. Overall, the issuance of USDM on Arbitrum strengthens Mountain Protocol's position as a leading provider of stablecoin solutions. By offering a secure, yield-bearing stablecoin with low transaction costs, Mountain Protocol aims to foster the growth and adoption of DeFi on the Arbitrum network.

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