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Mountain Protocol has announced the launch of its yield-based stablecoin USDM on ZKsync Era. The launch allows ZKsync users to use the USDM stablecoin in decentralized finance by earning yield on tokenized treasury bills. According to the Mountain Protocol team, two tokens, USDM and wUSDM, are now available on ZKsync Era. The rebased stablecoin offers an annualized interest rate of 4.7%, with holders receiving daily rewards. USDM is pegged 1:1 to the US dollar.
ZKsync users can now hold USDM in their wallets to earn daily yield, use it for payments and settlements, and contribute it to liquidity pools to earn trading fees. The token can also be used in DeFi lending and as collateral in perpetual trading. wUSDM, a wrapped version of the stablecoin, reflects price growth as USDM rewards accrue to holders. Mountain Protocol allows users to wrap and unwrap USDM and wUSDM on its mainnet, decentralized exchanges, and liquidity aggregators.
According to Mountain Protocol’s announcement on January 20, USDM and wUSDM are now available for trading on ZKsync DEX platform SyncSwap, with over $5 million in liquidity. Notably, USDM is still not available to U.S. citizens and other restricted countries and jurisdictions.
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