PANews reported on June 6 that according to The Block, Mountain Protocol, the issuer of the yield-based stablecoin USDM, has raised $8 million in Series A funding. Multicoin Capital led the round, with Castle Island Ventures, Coinbase Ventures and other investors also participating. The stablecoin is designed to generate income for holders through low-risk financial instruments.

Mountain plans to increase the issuance of USDM by expanding support for new blockchains such as Solana, Aptos, Sei, and Monad and integrating it into more DeFi protocols. It also plans to work with fintech companies, cryptocurrency exchanges, and market makers to increase the supply of stablecoins. USDM currently offers a yield of about 5%.

It is worth noting that Coinbase CEO once mentioned Mountain Protocol among the top 10 innovative tracks he is optimistic about.