Mountain Protocol has introduced the preliminary issuance of its yield-bearing stablecoin USDM on ZKsync Period.
The launch will permit ZKsync (ZK) customers to make use of the USDM stablecoin in decentralized finance whereas incomes returns from tokenized treasury payments. In line with the Mountain Protocol staff, the 2 tokens, USDM and wUSDM, at the moment are obtainable natively on ZKsync Period.
USDM is a regulated ERC-20 token, just like different fiat-backed stablecoins, and was first unveiled in September 2023. It permits holders to make the most of US Treasuries and different alternatives inside DeFi. The rebasing stablecoin presents an annual return of 4.7%, with holders receiving every day rewards. USDM is pegged 1:1 to the US greenback.
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ZKsync customers can now maintain USDM of their wallets to earn every day returns, use it for funds and settlements, and deposit it into liquidity swimming pools to earn buying and selling charges. The token can be utilized in DeFi lending and as collateral in perpetual asset buying and selling.
In the meantime, wUSDM, the packaged model of the stablecoin, displays the worth improve as USDM rewards pile up for holders. Mountain Protocol permits customers to pack and unpack USDM and wUSDM on the mainnet, decentralized exchanges and liquidity aggregators.
In line with Mountain Protocol’s announcement on January 20, each USDM and wUSDM at the moment are obtainable for buying and selling on the ZKsync DEX platform SyncSwap, with over $5 million in liquidity.
“By incorporating USDM into the blockchain, ZKsync will enhance the general yield charges of its ecosystem, making it a extra capital-efficient blockchain, whereas adopting a clear and safe token,” Mountain Protocol shared by way of X.
Notably, USDM stays unavailable to US residents and in different restricted international locations and jurisdictions.
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