Anchorage Digital has entered into a definitive agreement to acquire Mountain Protocol, the Bermuda-based issuer of the USDM stablecoin. The financial details were not disclosed.

The move comes as Anchorage Digital looks to expand its stablecoin offering amid growing institutional demand and evolving U.S. regulatory clarity.

The deal is subject to customary closing conditions and regulatory approvals.

Mountain Protocol is regulated by the Bermuda Monetary Authority and is backed by Multicoin Capital, having recently raised US$8 million in a Series A round.

The company’s USDM stablecoin is fully backed by U.S. Treasuries and operates across multiple blockchains.

Through this acquisition, Anchorage Digital plans to integrate Mountain Protocol’s team, technology, and licensing framework to enhance its support for institutional use cases in the stablecoin space.

Anchorage Digital, which has previously participated in initiatives such as the Global Dollar Network and offers a stablecoin rewards program, said the move aligns with its broader strategy to support the increasing adoption of stablecoins by both traditional and crypto-native institutions.

“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.

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.”

said Nathan McCauley, CEO and Co-Founder of Anchorage Digital.

Anchorage Digital secured a Major Payment Institution license from the Monetary Authority of Singapore, allowing it to offer regulated crypto services in the region in November 2024.

Featured image: Edited by Fintech News Singapore, based on image by Maesot via Freepik