THE HASH: Tron’s TRX Jumps as DAO Deploys $220M for Token Purchase; Investors Pull Out $1.6B From Tether’s Stablecoin
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 16 June 2022
⏱️ 19 minutes
🧾️ Download transcript
Summary
The most valuable crypto stories for Thursday, June 16, 2022.
"The Hash" hosts discuss Tether's new wave of redemptions as fear of market contagion spreads, and Tron DAO deploying $220 million for token purchases.
This episode has been edited by Michele Musso. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.”
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Transcript
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| 0:00.0 | This is the hash podcast. |
| 0:09.4 | Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more with stories that matter to the crypto world. |
| 0:16.7 | All on the hash for your ears. |
| 0:20.0 | You're listening to the Coin Desk Podcast Network. |
| 0:25.5 | It's the hash. |
| 0:26.7 | We're all just wearing hats here today. |
| 0:30.4 | We look like we're going on a school field trip to Web 3 land. |
| 0:34.7 | You're watching Coin Desk TV. |
| 0:36.9 | I'm Jensen as if we got Will Foxley in the middle and |
| 0:39.9 | Zach Seward all the way over on the other side. Zach, you got our first story. What do you got? |
| 0:46.0 | Let's talk about Tron, guys. Let's talk about Justin's son. Tron is out here trying to fight physics. |
| 0:51.6 | I'm just imagining Justin's son sort of on a boat in rocky seas, |
| 0:56.2 | doing what he can to make sure that everything keeps chugging ahead. Now, this is about |
| 1:01.0 | USDD, which is an algorithm, stable coin inspired by UST. And we all know what happened to UST. |
| 1:07.9 | UST depegged, ultimately entered death spiral, and that was that. Tons of value was wiped out of the market last month. Now, we're going to UST. UST, deep pegged, ultimately entered death spiral, and that was that. |
| 1:12.0 | Tons of value was wiped out of the market last month. |
| 1:14.9 | Now, USDD is a similar mechanic. |
| 1:17.5 | Instead of burning Luna to keep UST at its $1 peg, |
| 1:21.0 | USDD burns Tron to do the same thing. |
| 1:23.7 | And it's been slipping off its peg. |
| 1:26.0 | So here we have Justin Sun Sun just marshalling vast resources, |
| 1:30.2 | getting some funds out in the market, |
... |
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