Mars Ecosystem, Decentralized and Scalable Stablecoin Ecosystem. The fundamental problem of the current stablecoin protocols is positive externality: the costs of producing and maintaining stablecoins are incurred by the protocol and its users (minters, share holders, bond holders), but the majority of the value comes from the transaction of stablecoins in DeFi primitives and is captured by these DeFi primitives. Mars Ecosystem solves this problem by integrating the creation and the use of stablecoin into one ecosystem. The relationship between Mars Stablecoin and Mars DeFi primitives constitute a positive feedback loop and generates flywheel effect. Mars Stablecoin is price stable, capital efficient, scalable and decentralized. It is an over-backing stablecoin: the redeemability of Mars Stablecoin is backed by the Mars Ecosystem Governance Token (XMS) and the market cap of XMS is always multiple times the market cap of Mars Stablecoin.