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Home»DeFi»Mountain Protocol’s USDM natively deploys on ZKsync Era
DeFi

Mountain Protocol’s USDM natively deploys on ZKsync Era

January 21, 2025No Comments2 Mins Read
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Mountain Protocol recently made a major announcement regarding the launch of its yield-bearing stablecoin, USDM, on the ZKsync Era platform. This development opens up new opportunities for ZKsync users to engage in decentralized finance while earning yield from tokenized Treasury bills. The two tokens, USDM and wUSDM, are now available natively on ZKsync Era.

USDM, a regulated ERC-20 token, was introduced in September 2023 as a stablecoin backed by U.S. Treasury bills. Similar to other popular fiat-backed stablecoins, USDM offers holders a 4.7% annual percentage yield, with rewards accruing daily. The stablecoin is pegged 1:1 to the U.S. dollar, providing stability and security for users.

With the availability of USDM on ZKsync Era, users can now leverage the stablecoin for various purposes such as earning daily yield, making payments and settlements, participating in liquidity pools for trading fees, engaging in DeFi lending, and using it as collateral in perpetuals trading. Additionally, the wrapped version of USDM, wUSDM, allows users to benefit from price appreciation as rewards accumulate.

Mountain Protocol has enabled users to wrap and unwrap USDM and wUSDM on its mainnet, decentralized exchanges, and liquidity aggregators, providing flexibility and accessibility for token holders. The announcement on Jan. 20 revealed that both USDM and wUSDM are now tradable on the ZKsync DEX platform, SyncSwap, with over $5 million in liquidity available.

According to Mountain Protocol, the inclusion of USDM in the ZKsync ecosystem will enhance overall yield rates, increase capital efficiency, and promote transparency and security for users. However, it is important to note that USDM is not available to U.S. citizens and residents of other restricted countries and jurisdictions.

See also  Web3 Longevity Protocols Want to Help Users Live Longer More Affordably

Overall, the launch of USDM on ZKsync Era marks a significant milestone for Mountain Protocol and the ZKsync platform, offering users new opportunities to participate in DeFi and earn yield while maintaining the stability of a fiat-backed stablecoin.

deploys Era Mountain natively Protocols USDM ZKsync
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