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Mountain Protocol has officially launched its yield-bearing stablecoin, USDM, on ZKsync Era, marking a significant expansion for both the stablecoin and the layer-2 network. This native issuance enables ZKsync users to access the benefits of USDM, which includes the opportunity to earn yield from tokenized U.S. Treasury bills and engage in decentralized finance (DeFi) activities.
USDM is a regulated ERC-20 token pegged 1:1 to the U.S. dollar. It was first introduced in September 2023 and aims to offer a stable yet yield-generating asset. The stablecoin provides a 4.7% annual percentage yield (APY), with rewards distributed daily to holders. By leveraging USDM, users can earn passive income while participating in various DeFi activities. On ZKsync Era, users can hold USDM in their wallets to accumulate daily yield, use it for payments and settlements, or deposit it into liquidity pools to earn trading fees. Additionally, USDM can be utilized in DeFi lending and used as collateral for perpetual contracts trading, further integrating it into the broader DeFi ecosystem.
Alongside USDM, Mountain Protocol has introduced wUSDM, the wrapped version of the stablecoin. wUSDM allows users to benefit from the appreciation of USDM as rewards accumulate over time. Mountain Protocol enables users to easily wrap and unwrap USDM and wUSDM across its mainnet, decentralized exchanges, and liquidity aggregators, offering flexibility for those who wish to manage their holdings efficiently.
As of January 20, both USDM and wUSDM are available for trading on the ZKsync DEX platform, SyncSwap, which has over $5 million in liquidity. This marks a significant step in the integration of USDM into the ZKsync ecosystem. By incorporating USDM, ZKsync enhances its overall yield rates, positioning itself as a more capital-efficient blockchain, while also offering a transparent and secure stablecoin solution.
Mountain Protocol has emphasized that USDM is currently unavailable to U.S. citizens and residents of other restricted countries or jurisdictions, in compliance with regulatory requirements. Despite this limitation, the launch of USDM on ZKsync Era represents a promising step forward for both Mountain Protocol and ZKsync, as it integrates a stable and yield-generating asset into the rapidly expanding world of DeFi on ZKsync’s layer-2 network.
