Mountain Protocol has completed an $8 million Series A funding round and plans to expand the supply of the USDM stablecoin.

Income-generating stablecoin issuer Mountain Protocol has announced the completion of an $8 million Series A funding round, led by Multicoin Capital, with participation from Castle Island Ventures and Coinbase Ventures. Mountain Protocol plans to increase the supply of its USDM stablecoin to 500 million by the end of the year and to 5 billion by 2025. USDM is backed by U.S. Treasury bonds, currently yielding approximately 5%.