On The Brink with Castle Island

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

Sep 11, 2023

Martin Carrica, cofounder of Mountain Protocol, discusses creating a permissionless interest-bearing stablecoin, regulatory options in Bermuda, reinsurance similarities to stablecoins, how USDM differs from on-chain T bills, USDM's permissionless structure, and the use of stablecoins in emerging market fintechs.

50:12

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Episode guests

Martin Carrica

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Quick takeaways

Mountain Protocol has created a permissionless, interest-bearing stablecoin called USDM.

Bermuda's regulatory environment and financial stability make it an ideal jurisdiction for the issuance of stablecoins.

Deep dives

Introduction to Mountain Protocol and Financing

Today's podcast episode features an interview with Martin Caricco, the founder of Mountain Protocol. The episode announces the recent financing led by Cass Allen Ventures, with participation from Coinbase, New Form Ventures, and several angel investors. Mountain Protocol is a Bermuda-registered, interest-bearing, permissionless stablecoin. Caricco discusses the significance of the shift from non-interest-bearing to interest-bearing stablecoins, and how this innovation is reshaping the stablecoin landscape.

Introduction

2min

Creating an Interest-Bearing Stablecoin and Investigating Jurisdictions

10min

Exploring the Operation and Use Cases of Mountain Protocol

3min

Mechanics and Integration of a Rebasing Stablecoin

3min

The Shift to State Teeth in DeFi

20min

Recognition and Property Rights of Digital Assets in Bermuda

2min

Bermuda's Advanced Understanding of Permissionless Blockchains and Compliance Properties

2min

The Rise of Stablecoins in Fintech and Neo Banks

10min

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

Disclaimer:

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.

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On The Brink with Castle Island

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

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Introduction to Mountain Protocol and Financing

Martin Caricco's Background and Journey to Creating a Stablecoin

Choosing Bermuda as a Regulatory Domicile

The Role of Stablecoins in Fintech and NeoBank Solutions

Remember Everything You Learn from Podcasts