Anchorage Digital Agrees to Acquire Mountain Protocol for Stablecoin Growth
Anchorage Digital has signed a definitive agreement to acquire Mountain Protocol, a stablecoin issuer, to enhance support for institutional stablecoin use. Key points include:
- Integration of Mountain's technology, team, and licensing into Anchorage's operations is pending regulatory approval.
- Stablecoins are increasingly viewed as vital to the digital economy, with expectations for widespread adoption across businesses.
- The stablecoin market could grow from $230 billion to trillions by 2030, according to Citi.
- Mountain issues the USDM stablecoin, backed by U.S. Treasuries, which saw a peak supply of $150 million before declining to $50 million.
- This acquisition reflects a trend towards consolidation in the competitive stablecoin market.
Recent developments in the sector highlight the legislative push in the U.S. to regulate stablecoins, attracting interest from payment firms and banks.