US digital asset bank Anchorage Digital plans to acquire the Mountain Protocol, the issuer of the USDM stablecoin. The company did not disclose terms, and it’s subject to regulatory approval. Anchorage says it is expanding its footprint in the stablecoin sector to help institutions to “meet the moment”.
“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,” said Nathan McCauley, CEO and Co-Founder of Anchorage Digital. “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.”
This vision builds on Anchorage Digital’s established relationships with major financial institutions that includes providing custody for BlackRock and institutional crypto exchange EDX Markets whose founders include Citadel Securities, Fidelity and Schwab. Beyond crypto applications, stablecoins are starting to play a role as collateral in intraday margin, with the Commodity Futures Trading Commission (CFTC) recently launching pilots and the CME announcing trials.
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