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The Rise of Yield-Bearing and Regulated Stablecoins?
Osgur Murphy O Kane
Key Takeaways
7 min read
  • USDM is a rebasing USD stablecoin backed by US treasuries and issued by Mountain Protocol who are regulated in Bermuda. A composable and yield-bearing stablecoin like USDM has the potential to become an important part of the DeFi stack.
  • EURe is issued by Monerium, who provide registered users with an International Bank Account Number (IBAN) linked to their non-custodial wallet.
  • Bank transfers to a user's Monerium IBAN are automatically converted into EURe to be used on-chain, whereas EURe can be sent via non-custodial wallets to traditional bank accounts as fiat (Euro).


This note looks at two regulated stablecoins: USDM - a yield-bearing stablecoin regulated in Bermuda, and EURe - a stablecoin from Monerium that is supervised in Iceland with an EMI license.

These stablecoins have been in recent discussions and may have greater relevance going forward given the wave of regulation coming to the cryptocurrency industry.

USDM - Mountain Protocol

USDM is a USD yield-bearing stablecoin regulated in Bermuda. It aims to offer non-US...