According to TechFlow, Mountain Protocol, the issuer of the yield-based USDM stablecoin, has raised $8 million in its Series A financing round. Multicoin Capital led the round, with participation from Castle Island Ventures, Coinbase Ventures and other investors.
Mountain plans to increase USDM issuance by expanding support for new blockchains such as Solana, Aptos, Sei, and Monad and integrating it into more DeFi protocols.
Mountain plans to grow USDM supply 10x to 500 million tokens by the end of this year and 10x to 5 billion tokens by 2025.
