Global crypto platform, Anchorage Digital, has signed a definitive agreement to acquire Mountain Protocol, the Bermuda Monetary Authority-regulated company behind the USDM stablecoin.

The acquisition, subject to customary closing conditions and regulatory approval, will integrate the Mountain Protocol team, technology, and licensing framework into Anchorage Digital to expand Anchorage Digital’s stablecoin capabilities.

Nathan McCauley, the chief executive and cofounder of Anchorage Digital wants to see every business become a stablecoin business.

“Stablecoins are becoming the backbone of the digital economy,” Mr McCauley said. “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.”

He said from its stablecoin rewards programme to its role as a launch partner in the Global Dollar Network, Anchorage Digital had been at the forefront of advancing institutional participation in the stablecoin ecosystem.

“This acquisition is a leap forward in our long-term strategy to support stablecoin adoption and meet rising demand from both traditional and crypto-native institutions,” he said.

Mountain Protocol, backed by Multicoin Capital with a recent $8 million Series A, is the company behind USDM – a multi-chain stablecoin fully backed by United States Treasuries.

“With a seasoned team and proven infrastructure, they will be foundational in growing our stablecoin capabilities and enhancing our ability to support new institutional use cases,” Mr McCauley said.