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
(01:07) What Happened to UST?
(04:32) Utility vs Ponzi Mechanics
(12:13) BTC Reserve
(15:26) The Attack
(20:32) How Did Institutions Play This?
(24:31) Macro's Impact
(26:52) Future of Decentralized Stablecoins
(35:46) How Could UST Be Designed Differently?
(43:21) The Multiplier Effect
(44:44) The Soros Test
(46:57) What's Next for UST?
(56:16) The Arbitrage
(59:12) The Systemic Effects
(1:05:40) 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.