Digital anchorage, a crypto and federal charter goalkeeper bank, said on Monday that it had signed a final agreement to acquire the mountain protocol of Stablecoin issuer in the context of its strategy to deepen the support of the institutional use of Stablecoin.
Anchorage said that he planned to fold the technology, team and the structure of mountain licenses in its own operations, pending closing procedures and regulatory signature.
“The stablecoins become the backbone of the digital economy,” said Nathan McCauley, co-founder and CEO of anchorage, in a press release. “With recent regulatory progress and new cases of institutional use, our long -term vision is clear: each company will be a Stablecoin company.”
“By acquiring the mountain protocol, we take a significant step forward to support the institutional adoption of the stables and advance a new era of security, security and regulatory compliance in the world ecosystem of digital assets,” added McCauley.
This decision comes as the adoption of the Stalcoin soar, with payment companies, fintechs and even banks looking at the asset class with legislation that is looming in the United States to regulate. These cryptocurrencies are anchored to an external asset, mainly to the US dollar, and offer a cheaper and faster alternative to traditional payment rails with programmable transfer and. The market could reach billions of dollars during this decade compared to the current size of $ 230 billion, according to Citi.
The market also becomes more and more competitive, leading to consolidation. Earlier this year, USDC Transfer Circle acquired the Hashnote tokenization startup, transmitter of the Prodigious USDY token.
The mountain, regulated by the monetary authority of the Bermuda, issues the stablecoin USDM carrying the yield supported by short -term American treasury bills. The token, launched at the end of 2023, experienced rapid growth in its first months of an offer of $ 150 million, coinciding with a reward program, but then dropped to $ 50 million, according to Rwa.xyz data.
