Anchorage Digital Acquires Mountain Protocol to Boost Institutional Stablecoin Adoption

Anchorage Digital, a leading digital asset platform for institutions, has announced a definitive agreement to acquire Mountain Protocol, the company behind the USDM stablecoin.

In a statement on Monday, Anchorage highlighted the growing importance of stablecoins in the future of global finance, citing their potential for low-cost, 24/7 value transfers and increased access to the financial system. With increasing regulatory clarity in the United States, the acquisition of Mountain Protocol positions Anchorage Digital to meet the anticipated surge in institutional demand for stablecoin solutions.

"Stablecoins are becoming the backbone of the digital economy. With recent regulatory progress and new institutional use cases, our long-term vision is clear: every business will be a stablecoin business," stated Nathan McCauley, CEO and co-founder of Anchorage Digital.

"By acquiring Mountain Protocol, we are taking a significant step forward in supporting institutional stablecoin adoption and advancing a new era of safety, security, and regulatory compliance in the global digital asset ecosystem," McCauley said.

Mountain Protocol, which recently raised $8 million in a Series A funding round backed by Multicoin Capital, is the issuer of USDM, a multi-chain stablecoin fully collateralized by U.S. Treasuries. Anchorage Digital emphasized that Mountain Protocol's experienced team and proven infrastructure will be crucial in expanding its stablecoin capabilities and supporting new institutional use cases.

The acquisition is subject to customary closing conditions and regulatory approval. Once finalized, it will further solidify Anchorage Digital's position as a key player in facilitating institutional participation within the stablecoin ecosystem, building upon its existing stablecoin rewards program and its role as a launch partner in the Global Dollar Network.