Anchorage Digital, the only federally chartered crypto bank in the U.S., is strengthening its position in the stablecoin arena with the acquisition of Bermuda-based Mountain Protocol.
The deal, which is still pending regulatory approval, brings Mountain’s team and licensing framework under Anchorage’s expanding umbrella.
Mountain Protocol, known for issuing the USDM stablecoin, will begin phasing out its core product as part of the transition. The move signals a strategic pivot, as Anchorage prepares to scale its stablecoin capabilities to meet growing institutional demand.
CEO Nathan McCauley of Anchorage said the acquisition reflects a long-term bet on stablecoins as a foundational layer of crypto finance. “We believe stablecoins will soon become essential infrastructure for businesses globally,” he noted.
For Mountain Protocol, the partnership offers scale. CEO Martin Carrica emphasized that combining Anchorage’s robust infrastructure with Mountain’s stablecoin expertise will help the joint operation serve a growing market with regulatory clarity and global reach.
The acquisition follows a string of similar moves across the crypto and traditional finance space, as firms position themselves for the next phase of digital asset adoption. Anchorage’s acquisition comes less than a year after it launched a stablecoin rewards program tied to PayPal’s PYUSD.
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