Ask about Mountain Protocol · freeTotal Value Locked$1.38m
TVL by Chain
Ethereum$1.27m
ZKsync Era$57,741
Arbitrum$44,653
OP Mainnet$5,159
Base$4,188
Polygon$2,039
Key Metrics
Total Raised$8m
Sep 11, 2023Round: SeedInvestors: Castle Island Ventures, Coinbase Ventures, New Form Capital, Daedalus Angels
Jun 6, 2024$8mRound: Series AInvestors: Multicoin Capital, Castle Island Ventures, Coinbase Ventures, Bankless Ventures, Department of XYZ, Wormhole Crosschain Ecosystem Fund
Protocol Information
Mountain Protocol presents USDM—a cutting-edge, yield-bearing, rebasing stable coin. Rooted in the stability of Treasury Bills and enhanced by the promise of returns, USDM is more than just a crypto token—it's a gateway to trusted and compliant decentralized finance. With its fully regulated, permissionless design, engage with a crypto experience that combines the best of tradition, innovation, and security.
Sub Category: Treasury Bills
Audits:
Methodology
TVL: Calculates the total USDM SupplyView code on GitHubCompetitors
Mountain Protocol history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 5, 2023 to Oct 27, 2026.
All-time high TVL: $156.43m on Mar 20, 2024. All-time low TVL: $1.07m on Sep 1, 2025.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $1.4m |
| Sep 29, 2026 | $1.4m |
| Sep 30, 2026 | $1.4m |
| Oct 1, 2026 | $1.4m |
| Oct 2, 2026 | $1.4m |
| Oct 3, 2026 | $1.4m |
| Oct 4, 2026 | $1.4m |
| Oct 5, 2026 | $0 |
| Oct 6, 2026 | $0 |
| Oct 7, 2026 | $0 |
| Oct 8, 2026 | $0 |
| Oct 9, 2026 | $1.4m |
| Oct 10, 2026 | $1.4m |
| Oct 11, 2026 | $0 |
| Oct 12, 2026 | $0 |
| Oct 13, 2026 | $1.4m |
| Oct 14, 2026 | $1.4m |
| Oct 15, 2026 | $1.4m |
| Oct 16, 2026 | $1.39m |
| Oct 17, 2026 | $1.4m |
| Oct 18, 2026 | $1.39m |
| Oct 19, 2026 | $1.39m |
| Oct 20, 2026 | $1.4m |
| Oct 21, 2026 | $0 |
| Oct 22, 2026 | $0 |
| Oct 23, 2026 | $0 |
| Oct 24, 2026 | $0 |
| Oct 25, 2026 | $1.4m |
| Oct 26, 2026 | $1.4m |
| Oct 27, 2026 | $1.4m |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $60.89m |
| Dec 31, 2024 | $54.92m |
| Jan 31, 2025 | $56.83m |
| Feb 28, 2025 | $53.54m |
| Mar 31, 2025 | $53.18m |
| Apr 30, 2025 | $34.95m |
| May 31, 2025 | $18.06m |
| Jun 30, 2025 | $6.13m |
| Jul 31, 2025 | $3.58m |
| Aug 31, 2025 | $1.4m |
| Sep 30, 2025 | $1.4m |
| Oct 31, 2025 | $1.4m |
| Nov 30, 2025 | $1.4m |
| Dec 31, 2025 | $1.4m |
| Jan 31, 2026 | $1.38m |
| Feb 28, 2026 | $1.4m |
| Mar 31, 2026 | $1.4m |
| Apr 30, 2026 | $1.4m |
| May 31, 2026 | $1.39m |
| Jun 30, 2026 | $1.4m |
| Jul 31, 2026 | $1.4m |
| Aug 31, 2026 | $1.4m |
| Sep 30, 2026 | $1.4m |
| Oct 27, 2026 (latest) | $1.4m |
TVL at each year end, Dec 31, 2023 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2023 | $119.53m |
| Dec 31, 2024 | $54.92m |
| Dec 31, 2025 | $1.4m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/mountain-protocol
Frequently asked questions
What is Mountain Protocol's TVL?
As of Oct 27, 2026, Mountain Protocol has $1.38m in total value locked. TVL has decreased 1.7% over the past 30 days.
What chains does Mountain Protocol operate on?
Mountain Protocol operates on 6 chains: Ethereum, ZKsync Era, Arbitrum, OP Mainnet, and Base and 1 others. Ethereum holds the largest share at 91.7%.
How does Mountain Protocol's TVL compare to similar protocols?
Among RWA protocols tracked by DefiLlama, Mountain Protocol ranks #51 by TVL. The category holds $4.15b across 176 protocols, and Mountain Protocol accounts for <0.1% of that total. Similar protocols include Tangible RWA, Boson Protocol, Sweep, Re, Brickken, Theo Network thBill, Solv Vesting, Tokeshare, Florence Finance, and Anemoy Capital.