Manta Foundation Allocates Stables Treasury to wUSDM, Secured by BlackRock’s BUIDL Fund
The Manta Foundation is excited to announce a strategic allocation of its stable crypto assets within the Treasury into wUSDM, a yield-bearing stablecoin by Mountain Protocol, backed by BlackRock’s BUIDL Fund and managed by Securitize. This move is part of the Foundation’s commitment to enhancing financial security and stability within the Manta Network ecosystem.
What is wUSDM and Mountain Protocol?
USDM is a stablecoin deployed by Mountain Protocol, historically backed by U.S. Treasury bills. With the additional backing of BlackRock’s BUIDL Fund, USDM has become the largest Treasury-backed stablecoin, achieving a market capitalization of $153 million and ranking as the third-largest Real-World Asset (RWA) protocol by total value locked (TVL).
wUSDM, Mountain Protocol’s Liquid Staking Token (LST) deployed on Manta Pacific, offers the stability and yields of traditional financial institutions through being backed by U.S. Treasury bills and now BlackRock’s BUIDL Fund.
Diversification and Strengthening of Treasury Assets
This decision aligns with the Manta Foundation’s broader vision to diversify and strengthen its Treasury assets, paving the way for sustainable growth. The Treasury will benefit from the added stability and potential yield gains of wUSDM.
Yield Opportunities with wUSDM
Initiatives on Manta Pacific like New Paradigm and Renew Paradigm first introduced Mountain Protocol’s yield-bearing stablecoins. The aforementioned initiatives brought unprecedented yield opportunities into various DeFi protocols across the Manta Network ecosystem.
During the New Paradigm campaign, wUSDM was introduced on Manta Pacific, allowing users to stake USDC and receive wUSDM. Over $132 million worth of wUSDM was minted, providing substantial yield opportunities for participants. Users gained exposure to additional yield opportunities generated from the yield-bearing nature of wUSDM.
Bridging TradFi and DeFi
The backing of U.S. Treasuries and BlackRock’s BUIDL Fund exemplifies how real-world assets can bridge the gap between TradFi and DeFi. Manta’s users receive on-chain treasury yields, solidifying the role of RWAs in modern financial ecosystems.
Conclusion
The Manta Foundation’s allocation of a portion of its reserve to wUSDM highlights an ongoing commitment to enhancing financial security and stability within Manta Network. By leveraging the benefits of traditional financial institutions through Mountain Protocol’s wUSDM, we aim to provide our community with increased yield opportunities and a stronger ecosystem.
About Manta Network
Manta Network is the go-to modular blockchain for zero-knowledge (ZK) applications. Our Manta Pacific ecosystem is designed for EVM-native ZK applications and dApps, offering users the lowest costs and best experiences. By leveraging Manta’s Universal Circuits for ZK-as-a-Service and Celestia’s data availability for modularity, we deliver low gas fees and create the perfect environment for ZK-enabled applications. Learn more about Manta Pacific here.
Founded by a team from prestigious institutions like Harvard, MIT, and Algorand, Manta Network has attracted investments from top Web3 funds, including Binance Labs and Polychain Capital. So far, we have grown through top Web3 accelerators such as Alliance DAO and the Berkeley Blockchain Xcelerator. Manta Network is ready to bring the next generation of Web3 users into a new era of ZK-focused applications.
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