Jordi Alexander and Mika Honkasalo join Jason and Santiago on today’s episode of “Empire" to discuss the meltdown of UST, Terra's stablecoin. The match was lit Sunday with UST de-pegging from one dollar, and it's now become the single biggest wealth destruction event in crypto.

Jordi and Mika explain what led to UST's demise, how this could have been prevented, and what's in store for the future of UST and Terra. Is this the end of decentralized stablecoins? Can the market recover? Tune in to find out.

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00:00 Introduction
00:45 What Happened to UST?
04:10 Utility vs Ponzi Mechanics
11:51 BTC Reserve
15:04 The Attack
20:10 How Did Institutions Play This?
24:09 Macro's Impact
26:30 Future of Decentralized Stablecoins
35:24 How Could UST Be Designed Differently?
42:49 The Multiplier Effect
44:22 The Soros Test
46:35 What's Next for UST?
55:54 The Arbitrage
58:54 The Systemic Effects
1:05:18 The Investment Outlook


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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.