The crypto-focused bank Anchorage Digital has announced the acquisition of the yield stablecoin issuer USDM, Mountain Protocol. In a statement on May 12, the company said the agreement would lead to greater adoption of stablecoins by institutions.
According to the announcement, Anchorage has signed a definitive agreement with Mountain Protocol and is now awaiting regulatory approval and customary closing conditions to finalize the deal.
It stated:
“We are excited to announce that Anchorage Digital has signed a definitive agreement to acquire Mountain Protocol, the company regulated by the Bermuda Monetary Authority behind the USDM stablecoin.”
With the agreement, Anchorage Digital will integrate the technology of Mountain Protocol, the team, and its licensing framework to expand its stablecoin capabilities. The company noted that the stablecoin sector is seeing massive growth and wants to position itself to enable institutional participation$BTC $USDC $BNB #BinanceAirdropNXPC #BinanceVietnamSquare
