Anchorage Digital has expanded its stablecoin offerings by acquiring the stablecoin issuer Mountain Protocol, which plans to wind down its main stablecoin, Mountain USD (USDM). The acquisition is subject to regulatory approval and will integrate Mountain Protocol's team and technology into Anchorage’s operations. Anchorage's CEO emphasized the rising importance of stablecoins in the crypto economy, predicting that they will become integral to every business. Following the acquisition, Mountain Protocol announced an orderly wind-down of USDM, which ceased minting on May 12, but will keep USDM rewards active for an additional 30 days before setting the rate to 0% APY. Customers can redeem USDM through Mountain Protocol's platform or swap it on exchanges. USDM had previously seen success, achieving a market cap of $155 million shortly after its launch in late 2023, but has since fallen below $50 million, with around 10,820 holders remaining.

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