Anchorage Digital, a Federal Cryptographic Bank and custodian, said Monday that he has signed a definitive agreement to acquire the mountain protocol of the Stablecoin issuer as part of his strategy to deepen the support for the institutional use of the prints.
Anchorage said that it plans to fold the technology of the mountain, the equipment and the license structure in its own operations, waiting for closing procedures and regulatory firmation.
“Stablecoins is becoming the backbone of the digital economy,” said Nathan McCauley, co -founder and CEO of Anchorage, in a statement. “With recent regulatory progress and new cases of institutional use, our long -term vision is clear: each business will be a Stablecoin business.”
“When acquiring the Mountain protocol, we are taking a significant step in supporting the institutional adoption of stable and the progress of a new regulatory security era in the ecosystem of global digital assets,” McCauley added.
The measure occurs when the adoption of Stablecoin is rising, with payment firms, Fintechs and even banks that look at the asset class with legislation that is coming in the United States to regulate. These cryptocurrencies are anchored to an external asset, predominantly to the US dollar, and offer a cheaper and faster alternative to traditional payment rails with programmable transfer and. The market could grow to billions of dollars in this decade from the current size of $ 230 billion, according to Citi.
The market is also becoming increasingly competitive, which leads to consolidation. Earlier this year, the USDC emitting circle acquired the hashnote tokenization startup, an emitter of the USDY token that carries the performance.
Mountain, regulated by the Bermuda monetary authority, issues the USDM stable that carries the performance backed by the United States Treasury Bonds in the short term. The Token, launched at the end of 2023, saw rapid growth in its first months to a supply of $ 150 million, coinciding with a rewards program, but then decreased to $ 50 million, according to data RWA.XYZ.
