Anchorage Digital buys Mountain Protocol, USDM stablecoin winds down

Crypto bank Anchorage Digital has expanded its stablecoin offerings with the acquisition of Mountain Protocol, a stablecoin issuer that says it will begin winding down its main stablecoin, Mountain USD (USDM). The acquisition, which is subject to customary closing conditions and regulatory approval, will integrate the Mountain Protocol team, tech stack and licensing framework into Anchorage’s existing offerings, Anchorage said in a May 12 statement. While terms of the deal weren’t disclosed, it reflects an accelerating number of acquisitions between crypto and TradFi firms in recent months. Explaining the acquisition, Anchorage CEO Nathan McCauley said stablecoins are becoming the backbone of the crypto economy, while anticipating that “every business” will eventually use stablecoins as part of their operations source: https://cointelegraph.com/news/anchorage-digital-acquires-stablecoin-issuer-mountain-protocol?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound