Mountain Protocol completes seed round financing, Coinbase Ventures participated

Odaily News Mountain Protocol, a state-regulated income stablecoin, announced the completion of a seed round of financing, led by Nic Carter of Castle Island Ventures, with participation from Coinbase Ventures, New Form Capital, Daedalus Angels and others. Martin Carrica, co-founder and CEO of Mountain Protocol, said the amount of this round of financing is confidential due to regulatory requirements. It is reported that Mountain Protocol was licensed by the Bermuda Monetary Authority to become a digital asset issuer on July 27, and is currently launching the first state-regulated, profitable stablecoin UDSM. The token is fully backed by short-term U.S. Treasury securities, with the difference being that USDM provides users with daily rewards in the form of a rebasing, currently with an annual interest rate of 5%. USDM is not available to US clients and the asset is not registered as a US security. (The Block)