BREAKDOWN: How Should Washington Regulate Stablecoins?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 15 May 2022
⏱️ 14 minutes
🧾️ Download transcript
Summary
Plus a 101 comparison of custodial vs. decentralized stablecoins.
This episode is sponsored by Nexo.io, NEAR and FTX US.
On today’s “Long Reads Sunday,” NLW features:
0-100 on Stablecoin Design by Spencer Noon
On algorithmic stablecoins & the UST collapse by Jake Chervinsky
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: SEAN GLADWELL/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:14.9 | The breakdown is sponsored by nexo.io, near an FtX, and produced and distributed by CoinDesk. |
| 0:22.7 | What's going on, guys? It is Sunday, May 15th, and that means it's time for Long Reads Sunday. |
| 0:29.7 | Now, as you might imagine, this week has been a pretty juicy one on Twitter. |
| 0:35.7 | Because of that, I thought it would be good to just round out this stable |
| 0:39.1 | coin week with a few threads that I thought were really useful or particularly educational |
| 0:43.9 | in the wake of all of this. I promise we will start talking about other things again soon, |
| 0:48.8 | but for this week, we are talking stablecoins still. Before we get into that, however, |
| 0:53.1 | if you are enjoying the breakdown, |
| 0:54.6 | please go subscribe to it, give it a rating, give it a review, or if you want to dig deeper into |
| 0:58.9 | the conversation, come join us on the breakers discord. You can find a link in the show notes or go to |
| 1:03.5 | bit.e.combeckdown pod. Also a disclosure, as always, in addition to them being a sponsor of the show, I also work with FtX. |
| 1:11.7 | All right. So our first thread comes from Spencer Noon, the co-founder of Variant Fund, |
| 1:16.6 | and it's really just an educational 101-style fund. And I'm reading this because I believe that |
| 1:21.3 | some number of you may not fully have had the time to get into what stable coins are, how they |
| 1:26.5 | work, and how to frame UST and |
| 1:28.3 | Luna in that context. Spencer says, first, what are stable coins? A stable coin is a crypto |
| 1:34.2 | asset whose price is pegged to the reference price of a reserve asset. The most popular reserve |
| 1:38.4 | asset for stablecoins is one US dollar. Stablecoins have a combined market cap of more than |
| 1:43.0 | $170 billion. I'll look at the market |
| 1:45.0 | prices of the top 10 stable coins on Coin Gecko, and we can see that not all of them are functioning |
... |
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