Why One Stablecoin Is Being Backed by Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 24 February 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo, Arculus, and FTX US. Today on “The Breakdown,” NLW looks at: The latest from Russia, including skepticism about the effectiveness of the first round of sanctions Updates on Canada’s use of the Emergencies Act to freeze protest-associated bank accounts Why the UST stablecoin has announced a $1 billion bitcoin reserve - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW _ - “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. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Vision” by OBOY. Image credit: peepo/E+/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FTX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Wednesday, February 23rd, and today we are discussing a few
0:28.8	catch-up issues, follow-ups on stories that we've had over the past couple days, as well as looking
0:34.5	at why one stable coin is going Bitcoin. First, however, if you're enjoying
0:40.1	the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to get
0:44.6	deeper into the conversation, come join the breakers discord. The conversation is absolutely popping
0:51.3	off. You can find a link in the show notes or go to bit.com slash breakdown pod.
0:56.5	Finally, a disclosure, as always, in addition to them being a sponsor of the show, I also work with
1:02.1	FTX. Now, as I mentioned today, we're going to start by catching up on some recent situations.
1:08.4	They are all extremely fast evolving, and I want to be a tour guide to
1:12.3	the insanity that is happening right now. Let's start with Russia and sanctions. To get a sense of
1:18.6	how things evolved overnight, let's look at just a sample of the headlines. The New York Times
1:23.0	says Ukraine vows to defend itself as Putin remains defiant. The Wall Street Journal, Ukraine prepares for war,
1:29.0	urges citizens to leave Russia. The big piece of news is that Ukraine has declared a state of emergency and
1:34.8	has begun mobilizing reserve troops. Now, where we left off the discussion yesterday around sanctions
1:40.8	was that we were waiting for the Biden administration to announce what they would be
1:44.5	doing. Here's the prepared tweets from Biden. The information came out just as I was finishing the show,
1:50.5	of course, and here are the summary tweets from President Biden. Today, in close coordination with our
1:55.6	allies and partners, I am announcing the first tranche of sanctions to impose cost on Russia in response to yesterday's
2:01.9	actions. We will continue to escalate sanctions as Russia escalates. We are implementing full-blocking
	...

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