Mountain Protocol Raises $8 Million in Series A Funding Led by Multicoin Capital

Mountain Protocol, the issuer of the yield-bearing USDM stablecoin, has raised $8 million in a Series A funding round led by Multicoin Capital. Other participants in the round included Castle Island Ventures, Coinbase Ventures, and additional investors. Mountain Protocol plans to expand support for new blockchains such as Solana, Aptos, Sei, and Monad, and integrate USDM into more DeFi protocols. The company aims to increase the USDM supply tenfold by the end of this year to 500 million tokens and to 5 billion tokens by 2025.