Mountain Protocol has completed seed funding with Nic Carter leading the round.

According to BlockBeats news on September 11th, USDM stablecoin issuer Mountain Protocol announced the completion of its seed round financing, led by Castle Island Ventures co-founder Nic Carter, with participation from Coinbase Ventures, Nansen CEO Alex Svanevik, New Form Capital, Daedalus, OpenZeppelin CEO Demi Brener, among others, as reported by The Block. Mountain Protocol has launched a yield-generating stablecoin called USDM, which obtained a digital asset issuance license from the Bermuda Monetary Authority on July 27th. The company added that "USDM is fully backed by short-term US Treasury Bills, with the difference being that USDM provides rewards to users on a daily basis in the form of a discounted rate, currently yielding 5% annually. The discounting mechanism is similar to Lido Finance's stETH, which will be familiar to most cryptocurrency practitioners." USDM is not available to US customers and is not registered as a security in the US.