Anchorage Digital, federally chartered crypto bank in the U.S., has announced an agreement to acquire Mountain Protocol, the company behind the USDM stablecoin. The deal, which is still subject to regulatory approval, integrates the Mountain Protocol team, technology, and licensing framework into Anchorage Digital to expand the latter’s stablecoin capabilities.

Besides signaling its strong belief in the future of stablecoins, the acquisition also aims to position Anchorage Digital to meet growing institutional demand. Nathan McCauley, CEO and co-founder of Anchorage Digital, expressed his enthusiasm for the acquisition.

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.

Anchorage Digital has already been actively involved in the stablecoin space, from its stablecoin rewards program to its role as a launch partner in the Global Dollar Network. This acquisition represents a significant leap forward in the company’s long-term strategy to support broader stablecoin adoption and cater to the increasing demand from both traditional financial institutions and crypto-native firms.

Mountain Protocol, a Bermuda Monetary Authority-regulated entity, meanwhile confirmed the deal, which according to CEO Martin Carrica positions the combined entity to meet the rising demand for stablecoins.

“Joining Anchorage Digital marks an important milestone in the evolution of the industry. By combining our stablecoin expertise with Anchorage Digital’s trusted infrastructure and regulatory expertise, we’re well-positioned to meet the growing global demand for stablecoin services,” Carrica stated.

As part of the agreement, Mountain Protocol, which recently raised $8 million in a Series A funding round, will begin “an orderly wind-down” process for USDM, starting with the disabling of new stablecoin minting. USDM rewards will remain active for 30 days but will drop to zero immediately afterward.

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