USDMTokenized TreasuryTokenized FundPrimary source

Mountain Protocol USDM

AUM: $150.0M
0D change: -
Yield · 30-day net: 5.00%
NAV: 1.0000
Expense ratio: 0.30%
Minimum: $0
Redemption: Daily
Launched: 01 Sept 2023

Depends on

Field coverage 96%Primary-source or on-chain verified 100% of tracked metrics1/1 source documents analyst-verifiedLast reconciled 03 Oct 2026

Overview

What this product is

A fully backed, yield-bearing stablecoin passing US Treasury yield directly to the holder.

Underlying asset: US Treasury Bills
Asset class: Tokenized Treasury
Product structure: Tokenized Fund
Legal structure: US Reg D / 3(c)(7) Fund
Issuer jurisdiction
Fund domicile: Bermuda
Base currency: USD
Launched: 01 Sept 2023

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


BUIDL	4.16%	0.50%	$5.0M	$1.85B
USDY	4.25%	0.50%	$500	$1.41B
USTB	4.11%	0.15%	$100.0K	$552.1M
JTRSY	4.18%	0.35%	$100.0K	$323.3M
OUSG	4.04%	0.15%	$100.0K	$321.2M
USYC	5.15%	0.15%	$100.0K	$300.0M
USDMthis product	5.00%	0.30%	$0	$150.0M

Issuer

Who runs it

Mountain ProtocolHamilton, Bermuda

Issuer of a yield-bearing dollar token structured as a security rather than a payment stablecoin, precisely because paying reserve yield to holders is what the payment regimes prohibit.

Portfolio

Composition

US Treasury Bills100.0%

Weighted average maturity

NaN days