What’s the crypto vibe?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 30 May 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
The FT podcast “Behind the Money” digs into whether the tide has really turned in cryptocurrencies, and whether crypto fans will have to deal with this new “vibe” for the long haul.
Mentioned in this podcast:
Behind the Money: A crypto vibe shift?
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk. |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.5 | Today is Monday, May 30th, and this is your FT News Briefing. |
| 0:18.6 | We're going to do something a little different on the briefing today. |
| 0:22.2 | You'll hear from our friends behind the money, our sister podcast, |
| 0:26.0 | and we're going to give you a glimpse into the world of cryptocurrencies. |
| 0:29.2 | Why the vibe, as the kids call it, has shifted on certain decentralized currencies. |
| 0:34.2 | A Mark Filipino, and here's the news you need to start your day. |
| 0:45.3 | Volatility in crypto markets, it's nothing new. We've talked about crypto volatility a lot |
| 0:50.8 | on this show. But there's a certain type of currency that's supposed to protect against that |
| 0:55.8 | volatility. They're called stablecoins, and they underpin a lot of the crypto market. |
| 1:01.2 | The point of a stablecoin is to help crypto investors more easily jump from a traditional currency, |
| 1:06.5 | like dollars or euros, into crypto. A stablecoin is always supposed to be a one-to-one exchange, |
| 1:12.6 | like one stablecoin equals one US dollar. But recently, two stablecoins, Terra and Tether, |
| 1:19.6 | unpegged from the dollar. On a new episode from our fellow FT podcast behind the money, |
| 1:24.9 | host me Kelly Tendera and FT reporter Ethan Wu discuss how stablecoins work, |
| 1:29.6 | and what it means that two of the biggest coins dropped below the dollar. |
| 1:34.0 | Could you just simply explain what a stablecoin is for people? |
| 1:38.0 | Stablecoins are a very important part of the crypto ecosystem. If you're not in crypto, |
| 1:43.0 | these don't matter to you at all, in a lot of ways. It's a crypto-only thing. But if you are in |
| 1:48.0 | crypto, this is a key way that you're moving between dollars and cryptocurrency, or between |
... |
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