USDM/USD price feed
USDM's issuer announced an orderly wind-down in 2025 and stopped minting new tokens. The market did not stop with it: the pools that remain keep pricing what is left in circulation. This feed keeps measuring that book for as long as it stands.
Aggregate on-chain rate: hourly view of the last 4 weeks. The API itself updates block by block. Request API access
Book composition · auto-observed
This book is shared across chains at the moment, with one pool holding the largest single slice.
Which USDM this page prices
Public listings under this name point at different assets. Two major trackers each carry two separate USDM entries, one of which shows a price of zero, while related searches pull in tokens from other ecosystems that trade under the same four letters. A reader who wants the price of USDM first has to discover which USDM is meant.
This page can answer that exactly. Every pool in the composition below holds the same token contract, the dollar token issued by Mountain Protocol, deployed at one address that appears unchanged on Celo, Base plus Arbitrum. The identity is not asserted; it is readable from the pool addresses this feed publishes.
Mountain Protocol ceased minting in 2025 as part of a wind-down it announced publicly. That is context, not a verdict: the feed's job is unchanged, reporting what the remaining venues pay for the token, block by block.
A small book, spread anyway
For its size, the book has spread farther than most: the same token contract has drawn pools on more than one chain, small venues rather than one consolidated market, with the weight moving between them as pools qualify.
What the venues share is modesty of scale: none is deep, each is still a live market with a readable print. A market in wind-down does not need depth; it needs a number that keeps resolving.
Whatever dollar tokens sit on the quote side are themselves priced by their own feeds first, so what lands on this page is already a plain dollar reading, the same on every chain the book touches. No wobble in a quote token gets to masquerade as a move in USDM.
A book at rest, still measured
Turnover in a wind-down market is sparse: the token changes hands rarely, so many readings on this page will carry the forward filled label with the timestamp of the last computed value.
A resting book still needs a number. Holders working down a legacy position need a reference to mark against. A desk tracking dollar inventory across chains needs the quiet entries as much as the loud ones. An integration that lists the token needs its price row to keep resolving. None of those jobs can be done with a listing that shows zero.
So the page states the scale as it is instead of dressing it up. The pools are small, the prints are sparse, each fact carries the block it was read at. When this market finally closes its book, the record of how it traded on the way out will be here.
Who runs on this rate
Treasuries with legacy positions
A desk still holding USDM needs a mark it can defend while it unwinds, read from the venues that still make a market in it rather than from a listing that resolves to the wrong asset.
Desks tracking multi-chain dollar inventory
Teams that follow dollar tokens across chains get the quiet corner of the inventory measured with the same method as the busy ones.
Integrations that still list the token
An application with USDM in its asset list needs the price row to keep resolving until the last holder leaves; this feed keeps that row alive.
Where the USDM market lives
Active USDM/USD pools per chain, as observed by the feed on 2026-10-27.
USDM in the catalog
3 pairs, each computed from its own pools with the same methodology:
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