American Diamond Mint was founded with the mission to tokenize physical diamonds into a stable cryptocurrency called ADM. Through an Initial Coin Offering (ICO), the company aimed to provide an asset that combined the perceived stability and value of diamonds with the liquidity and transferability of a digital token. The business model involved acquiring a reserve of GIA-graded diamonds to back the value of each token issued, with the stated goal of creating a less volatile crypto asset for investors. However, the company's fundraising and marketing practices came under regulatory scrutiny shortly after its launch.