Yield-bearing stablecoin issuer Mountain Protocol has completed an $8 million Series A funding round, led by Multicoin Capital

ChainCatcher news, yield-bearing stablecoin issuer Mountain Protocol announced the completion of an $8 million Series A funding round, led by Multicoin Capital, with participation from Castle Island Ventures, Coinbase Ventures, and other investors. Mountain Protocol is the issuer of USDM, a yield stablecoin "fully backed by U.S. Treasury securities."

According to the Web3 asset data platform RootData, Mountain Protocol allows approved users to purchase and exchange USDM at a fixed value of $1. It enables users to collect digital asset wallet addresses and wire transfer details to fund their accounts.