Anchorage Acquires Mountain Protocol to Enter the Stablecoin Market

Anchorage Digital on Monday formally entered the stablecoin market with the acquisition of Mountain Protocol, a transaction that coincides with Mountain's decision to "close USDM in an orderly manner". "By acquiring Mountain Protocol, we are taking an important step in supporting institutional adoption of stablecoins," said Nathan McCauley, chief executive of Anchorage. Anchorage is the first federally chartered crypto bank in the US and will absorb Mountain's team, technology and licence. USDM is an ethereum-based, dollar-pegged stablecoin backed by short-term US Treasury bonds.