Monday, May 23, 2022
BtC to USD today current rate
Circle CEO Jeremy Allaire joins Yahoo Finance Live to discuss the collapse of stablecoins like Terra, the cryptocurrency sell-off, crypto regulation, and the outlook for crypto exchanges.
Video Transcript
BRAD SMITH: Welcome back to Yahoo Finance Live, everyone. The state of stablecoins seeing a little bit of a wobble this week. And joining us now to really discuss and help break down exactly where we go from here in that conversation and in that value as well, we've got Circle CEO Jeremy Allaire. And of course, Circle a unicorn company within this broader crypto landscape and stablecoin landscape. What do you make of what you've watched play out this week and where there can continue to be some footing going forward from here?
JEREMY ALLAIRE: Yeah, well, thanks for having me on. Really, a lot to talk about, obviously. I think what has unfolded with these unstable stablecoins, such as UST, was entirely predictable. Our own analysis from a very long time ago suggested that the footing that this was on was really based on subsidizing these yields, which was really driving people to kind of buy this Luna token, create these UST tokens, put them in this 20% interest rate, which was too good to be true.
And as the founder kind of moved from point to point to try and resuscitate it, it was clear that this was very risky. And in any kind of meaningful market contraction, just the way that this was structured, it could face a death spiral. And so that's exactly what we saw. We saw a massive death spiral. And I think the really unfortunate thing here is that so many individuals in the digital asset space, so many leaders, frankly, and very intelligent people bought the hype, promoted the hype.Circle CEO Jeremy Allaire joins Yahoo Finance Live to discuss the collapse of stablecoins like Terra, the cryptocurrency sell-off, crypto regulation, and the outlook for crypto exchanges.
Video Transcript
BRAD SMITH: Welcome back to Yahoo Finance Live, everyone. The state of stablecoins seeing a little bit of a wobble this week. And joining us now to really discuss and help break down exactly where we go from here in that conversation and in that value as well, we've got Circle CEO Jeremy Allaire. And of course, Circle a unicorn company within this broader crypto landscape and stablecoin landscape. What do you make of what you've watched play out this week and where there can continue to be some footing going forward from here?
JEREMY ALLAIRE: Yeah, well, thanks for having me on. Really, a lot to talk about, obviously. I think what has unfolded with these unstable stablecoins, such as UST, was entirely predictable. Our own analysis from a very long time ago suggested that the footing that this was on was really based on subsidizing these yields, which was really driving people to kind of buy this Luna token, create these UST tokens, put them in this 20% interest rate, which was too good to be true.
And as the founder kind of moved from point to point to try and resuscitate it, it was clear that this was very risky. And in any kind of meaningful market contraction, just the way that this was structured, it could face a death spiral. And so that's exactly what we saw. We saw a massive death spiral. And I think the really unfortunate thing here is that so many individuals in the digital asset space, so many leaders, frankly, and very intelligent people bought the hype, promoted the hype.
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