Tokenized treasuries & MMF
Mountain Protocol (USDM)
What it is
USDM 是 rebasing ERC20，按份额记账而非按余额：balanceOf = shares × rewardMultiplier，每日约 12:00 UTC 计入收益。底层为平均久期 ≤60 天的短期美国国债，含货币基金、国债 ETF 及国债回购。赎回价值对 primary users 锚定 1:1 USD；另提供 ERC-4626 包装的 wUSDM 解决 rebasing 代币的 DeFi 兼容问题。
How you get out
仅 primary users 可 1:1 赎回，secondary market 的 1:1 价格靠套利维持、不是兑付承诺。通过 Mountain Protocol Platform 申赎，初期仅支持 USDC。官方文档未给出具体赎回费用与结算时效。
What backs it
储备由持牌金融机构托管于破产隔离账户，与公司运营账户分离，为用户利益持有；始终超额抵押。不持有 USDC 或银行现金作赎回流动性，而是以储备作抵押获取多条 USDC 承兑信用额度。由持牌会计师事务所按月出具储备证明。Mountain Protocol 持 BMA 牌照（#202302512），可在监管机构网站查证。
On-chain contracts
3 address(es) checked with eth_getCode on the chain each token
is deployed on. An address returning 0x on Ethereum mainnet is normal for an L2
deployment and is not treated as invalid.
| Chain | Address | symbol() on chain | Code |
|---|---|---|---|
| Ethereum | 0x59D9356E565Ab3A36dD77763Fc0d87fEaf85508C | USDM | verified |
| Base | 0x59D9356E565Ab3A36dD77763Fc0d87fEaf85508C | USDM | verified |
| Ethereum | 0x57F5E098CaD7A3D1Eed53991D4d66C45C9AF7812 | wUSDM | verified |
Caveats worth knowing before you use this
- USDM 是 rebasing 代币，直接放进不支持 share 记账的 DeFi 池会算错余额 —— 官方为此专门提供 ERC-4626 的 wUSDM。
- 「1:1 锚定」只对 primary users 成立，二级市场价格是套利结果，不是承诺。
Primary sources
Everything above traces to these pages. Aggregated protocol tables and third-party AUM figures are deliberately not used as sources in this directory.