Anchorage Digital, a federally chartered Crypto Bank and the custodian, said on Monday that it has signed a final agreement to acquire stableecoin issues Mountain Protocol as part of its strategy to elaborate on the support of institutional stableecoin use.

Anchorage said it is planning to fold the mountain’s technology, team and licensing structure in its own operations, pending closure procedures and regulatory unsubscribe.

“Stableecoins become the backbone of the digital economy,” Nathan McCauley, co -founder and CEO of Anchorage, said in a statement. “With recent regulatory progress and new institutional use cases, our long-term vision is clear: Each company will be a stablecoin business.”

“By acquiring Mountain Protocol, we take a significant step forward in supporting institutional stableecoin resolution and promoting a new era with certainty, security and regulatory compliance in the global digital activo -ecosystem,” McCauley added.

The move comes as the stableecoin -admission is soaring, with payment companies, fintechs and even banks that look at the asset class with legislation threatening in the US to regulate. These cryptocurrencies are rooted in an external asset, predominantly to the US dollar and offer a cheaper, faster alternative to traditional payment rails with programmable transfer and. The market could grow for trillion of dollars this decade from the current size of $ 230 billion, according to CITI.

The market is also becoming more and more competitive, leading to consolidation. Earlier this year, USDC ISSUER CIRCLE Tokenization-starting Hashnote acquired Issuer of the dividend USDY token.

Mountain, regulated by Bermuda Monetary Authority, emits the yield-bearing USDM stableCoin, supported by short-lived US Treasury. The token, launched at the end of 2023, saw a rapid growth in its early months to $ 150 million delivery, coincident with a reward program, but then fell to $ 50 million, per year. Rwa.xyz -Data.