USDM vaults
About USDM vaults
Mountain Protocol USD USDM is used in 7 stablecoin vaults with $4.4M TVLacross 1 protocol. The largest vaults are Staked USDM, Wrapped Mountain Protocol USD, Euphoria Vaultand the most popular vault protocol is Gains Network. The last 30 days' average yield is -98.5%.
6 vaults are excluded from this ranking due to minimum TVL requirements or risk issues.
About Mountain Protocol USD
USDM is a yield-bearing stablecoin by Mountain Protocol, backed by US Treasury Bills. It rebases daily to distribute T-bill yield to holders. Mountain Protocol announced an orderly wind-down, with primary market redemptions closing on 22 August 2025; USDM may still trade on secondary markets after that date.
Status
Mountain Protocol announced an orderly wind-down in May 2025. The primary market (direct redemptions at $1) closed on 22 August 2025. After that date, USDM is no longer backed by US Treasury products held in Mountain Protocol's reserves; instead, reserves were deposited into a Uniswap liquidity pool against USDC (Phase 3). Mountain Protocol no longer operates a redemption platform. Holders may still exchange USDM through decentralised protocols such as Uniswap.
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Performance and risk
The vaults on the listing are limited to the current category. See all vaults.
| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Staked USDM Unknown vault protocol | 7.9%* | 9.4%* | 3.1%* | 19.7 | 0.5% | 0.0% | USDM | $2.86M $2.88M | 0.3 | --- | Unknown | Unknown |  | ||
Wrapped Mountain Protocol USD Unknown vault protocol | 0.0%* | 0.0%* | 8.2%* | --- | 0.0% | 0.0% | USDM | $1.19M $136.21M | 3.0 | --- | Unknown | Unknown |  | ||
Wrapped Mountain Protocol USD Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDM | $105.10K $105.10K | 2.7 | --- | Unknown | Unknown |  | ||
Wrapped Mountain Protocol USD Unknown vault protocol | 0.0%* | 0.0%* | 5.3%* | --- | 0.0% | 0.0% | USDM | $11.24K $1.25M | 2.4 | --- | Unknown | Unknown |  | ||
Staked USDM Unknown vault protocol | 0.0%* | 0.0%* | 0.0%* | --- | 0.0% | 0.0% | USDM | $10.15K $10.15K | 0.3 | --- | Unknown | Unknown |  | ||
gTrade (Gains Network USDM) Gains Network | -98.5%* | -86.4%* | -37.1%* | -3.3 | 54.7% | -43.5% | USDm | $48.58K $649.28K | 0.7 | 0.0%/ 0.0% | 18h | Unknown |  | ||
Euphoria Vault Unknown vault protocol | --- | --- | 1.1%* | --- | 9.5% | 0.0% | USDm | $174.07K $174.29K | 0.002 | --- | Unknown | Unknown |  |
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