Mountain Protocol

Introduction

Mountain Protocol Limited is a Bermuda-based company licensed by the Bermuda Monetary Authority (BMA) as a Digital Asset Business. The company offers two main products: the USDM token and the Mountain Protocol Platform.

Products

USDM

The USDM token is a type of cryptocurrency called an ERC20 token. It is designed to be worth 1 USD and can be redeemed at this value by primary users. The USDM token is fully backed by reserves held with regulated financial institutions. These reserves are kept in separate, secure accounts to protect them. The token adjusts daily, allowing users to earn rewards from the interest on US Treasuries held in the reserves.

Mountain Protocol Platform

The Mountain Protocol Platform allows primary users to purchase or redeem USDM at a 1:1 ratio. Initially, transactions will be facilitated using USDC, with plans to introduce fiat payments in the near future. Other stablecoins may be added later, depending on the availability of reliable off-ramping partners and sufficient market demand.

Aspect	Details
Registration	All assets issued in Bermuda
Issuer License	Licensed with a Full license by the Bermuda Monetary Authority (Class F) - the highest obtainable license for Digital Asset Businesses in Bermuda.
KYC/AML Procedure	Yes
Availability for US Investors	No
Restricted Jurisdictions	Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Ethiopia, Guinea-Bissau, Iran, Iraq, Ivory Coast (Cote D’Ivoire), Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nagorno-Karabakh, Nicaragua, North Korea, Northern Cyprus, Russia, Sahrawi Arab Democratic Republic, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine, United States, Venezuela, Yemen, Zimbabwe.
Creation of SPV	All assets issued in Bermuda are required to be bankruptcy-remote under the Digital Asset Business Act (DABA) for a license to be issued.
Restrictions on transfer of tokens	Its permissionless fashion allows its holders to trade and utilize the coin without restrictions, besides interacting with US holders and other sanctioned jurisdictions.

Issuance & Redemption Process

Issuance Process:

• Once onboarded into the Mountain Protocol platform, any USDC deposit will be automatically converted into USDM.

• USDC is converted to fiat at least daily and sent to one of their brokers.

• Brokers use the fiat to purchase eligible USDM Reserves assets, such as Treasury Bills.

• An independent investment manager handles the purchase to ensure compliance with the investment mandate.

• All accounts require whitelisting for security. This includes non-executive approval from a “3rd party signer” to prevent collusion.

Redemption Process:

• Access the Mountain Protocol platform.

• Deposit the USDM into the designated wallet.

• Request a withdrawal to a whitelisted wallet.

• Wait for the transaction to complete.