Why we invested in Mountain Protocol

Mountain Protocol today announced an $8M Series A funding round led by Multicoin Capital. We are thrilled to participate alongside them and other notable investors including Castle Island Ventures, Coinbase Ventures, and Bankless Ventures. Mountain Protocol offers the first prudentially-supervised stablecoin (USDM) that is yield-bearing, permissionless, and fully backed by U.S. Treasuries. Launched in September 2023, USDM has since reached approximately $50M in outstanding issuance.