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.