Summary:
- Set USDM PegKeeper Debt Ceiling to 0
- priceAggregatorV3 (0x18672b1b0c623a30089A280Ed9256379fb0E4E62) → remove USDM pool
Abstract:
This vote will set USDM pegkeeper debt ceiling to 0, preventing additional PK debt from entering circulation through the USDM/crvUSD pool. crvUSD can still be removed from the pool when update() is callable.
This vote will also remove USDM/crvUSD as a price source for the crvUSD aggregated price of USD. There will be three price sources: USDT/crvUSD, USDC/crvUSD, and PYUSD/crvUSD.
A subsequent vote will remove USDM from the pegkeeper regulator and remove USDM pegkeeper from the crvUSD monetary policies. This will finally deprecate the USDM pegkeeper entirely and will only be done once the USDM PK debt is 0 (it is 158k now).
Motivation:
Mountain has announced sale of the company to Anchorage Digital. As part of the arrangement, USDM will wind down.
The blog post explains the wind down process, this will be done in an orderly manner to minimize instability. A relevant excerpt is given below:
USDM Wind-Down Process
As part of the acquisition, Mountain Protocol will begin an orderly wind-down process for the Mountain USD stablecoin (USDM). The wind-down of USDM will be conducted in an orderly fashion to ensure a smooth and transparent transition.
Minting new USDM will be disabled from May 12th 2025, but all other features will be supported. USDM rewards will remain active for 30 days. After that initial 30 day period, the rewards rate will be set to 0% APY.
Primary customers will be able to redeem their USDM through the Mountain Protocol Platform, while other USDM holders are encouraged to swap their USDM for other tokens through available exchanges.
We understand the importance of a seamless transition for all USDM holders and are committed to providing full support throughout this process. For more information and FAQ, please visit our documentation.
Specification:
ACTIONS = [
# set USDM PK debt ceiling to 0
("0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC", "set_debt_ceiling", "0x503E1Bf274e7a6c64152395aE8eB57ec391F91F8", 0),
# priceAggregatorV3 remove USDM price pair
("0x18672b1b0c623a30089A280Ed9256379fb0E4E62", "remove_price_pair", 3),
]