BREAKDOWN: Apparently, U.S. Regulated Banks Are Riskier Than Stablecoins
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 16 March 2023
⏱️ 18 minutes
🧾️ Download transcript
Summary
Circle Internet Financial’s USDC temporarily depegged last weekend when billions were revealed to be locked up in Silicon Valley Bank.
Stablecoins have long been seen by U.S. policymakers as risky and a potential threat to U.S. financial stability. How ironic, then, that it was the failure of a U.S.-regulated bank in SVB that caused peril to USDC last weekend. NLW explains how USDC fell off and then recovered its peg, while also giving an update on Operation Choke Point 2.0.
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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with today's editing by Jonas Huck, research by Scott Hill and additional production assistance by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: erhui1979 / Getty Images, modified by CoinDesk.
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Transcript
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| 0:43.9 | Wondery UK. That's audible.com slash Wondery UK. |
| 0:53.9 | Welcome back to The Breakdown with me, NLW. |
| 0:59.0 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 1:05.1 | The breakdown is produced and distributed by CoinDess. |
| 1:09.7 | What's been on, guys? |
| 1:15.5 | It is Thursday, March 16th, and today we are checking in on the Circle USC dimension of the recent banking crisis. |
| 1:19.3 | Before we get into that, however, if you are enjoying the breakdown, please go subscribe |
| 1:22.3 | to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 1:26.3 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod. |
| 1:31.8 | All right, friends, well, today we are going to discuss the delicious irony of why, despite |
| 1:37.1 | all the teeth gnashing of politicians, it wasn't stable coins that disrupted the regulated |
| 1:43.1 | financial system, but the regulated financial |
| 1:45.9 | system that disrupted a stable coin. |
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