Matt and Nic return for another week of news and deals. In this episode:  Was UST/Terra a ponzi or not? Fintech apps put client deposits into Anchor Tradfi yields are competitive with DeFi yields The GBTC discount reaches its highest ever level at -31% MSM crypto hate reaches a fever pitch The World Bank publishes a new paper on crypto adoption The Warren staff have a dossier of mean tweets Will generalist VCs lose interest in web3? El Salvador hosts a Bitcoin summit for a number of central banks Nic’s secret origin story Is eSwatini a dark horse candidate for the next Bitcoin Nation? The Biden admin suggests segregating client deposits at exchanges TradFi thinks Tether is about to collapse Why no stablecoins are able to secure audits Tether receives a new assurance opinion showing $39b of treasuries How many outflows can Tether accommodate? Differences in redemption between USDC and USDT What does a crackdown in offshore assets by the CCP have to do with Tether? Cloudflare’s wall of lava lamps Is it time for a new batch of FUD dice? We assess the quality of the Terra mea culpas Content mentioned in this episode:  World Bank, The ascent of crypto assets: Evolution and macro-financial drivers Sponsor notes: Subscribe to the Coin Metrics State of the Network newsletter