Mountain Protocol

Mountain Protocol is the issuer of USDM, a regulated, yield-bearing stablecoin backed by short-term US Treasury bills that automatically passes through Treasury yields to holders on a daily rebasing basis. Unlike traditional stablecoins that capture yield for issuers, USDM distributes approximately 4-5% APY directly to holders simply by holding the token—making it a compelling alternative to USDC and USDT in the HyperEVM ecosystem. As HyperEVM lending protocols and yield vaults integrate USDM as a base asset, Hyperliquid traders can earn real-world Treasury yields on their idle stablecoin balances between trades.

Real-world asset perpetual futures on Hyperliquid use HIP-3 infrastructure to create on-chain markets for commodities, indices, and other traditional assets. Mountain Protocol operates in this category where traders can access non-crypto exposure through Hyperliquid's native order book with the same sub-second settlement and deep liquidity as crypto perps.