Martin Carrica (Mountain Protocol) on creating an interest-bearing stablecoin (EP. 450)

Martin Carrica, cofounder of Mountain Protocol, joins us to discuss their launch of their USDM, permissionless interest-bearing stablecoin. In this episode:

  • Martin’s story and origins of his desire to create a stablecoin
  • Obtaining a registered digital assets company in Bermuda
  • Martin’s review of regulatory options worldwide and how they ended up in Bermuda
  • How Bermuda has distinguished itself from other financial hubs in the Atlantic
  • How reinsurance is like stablecoins
  • What it takes to get licensed as a digital asset business in Bermuda
  • How Mountain Protocol’s USDM stablecoin works
  • How rebasing stablecoins work – and how they integrate in DeFi
  • How USDM differs from on-chain T bills and other interest bearing stable products
  • How USDM was able to achieve a permissionless structure
  • How Mountain avoids US clients
  • Why the market for stablecoins is mostly ex-US
  • Stablecoins as a backend for emerging market fintechs
  • Different exchange rates in Argentina
  • How Argentine firms use Argentine ADR stocks to manage their corporate cash
  • How street moneychangers on the street in Argentina work
  • Milei and the prospects for dollarization in Argentina
  • The importance of a stablecoin being issued out of a bankruptcy remote structure


  • USDM and other Mountain Protocol products and services are not available for U.S. persons as well as other restrictied jurisctions. 
  • For more information and disclosures on Mountain Protocol, please refer to the Terms and Conditions.