In today's episode we are joined by Arthur Hayes and Guy Young dive deep into the world of stablecoins and synthetic dollars. They discuss the counterparty risks associated with Ethena, a new synthetic dollar product, and how it aims to provide a decentralized alternative to traditional stablecoins like Tether and USDC. The conversation also touches on the challenges faced by algorithmic stablecoins, the potential impact of institutional investors entering the crypto space, and the exciting opportunities in the growing interest rate market within the crypto ecosystem. To close out Arthur shares where he thinks we are in the cycle. Thanks for tuning in!

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Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.

Use the link below to learn more, and use EMPIRE10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!

Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home

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Timestamps:

(0:00) Arthur's Stablecoin Musings

(9:28) History of Tokenized Hedge Funds

(11:47) Ethena Overview

(16:34) Arbitrum Ad

(17:20) Harpie Ad

(18:33) Risks of Ethena

(24:25) USDe Yield over Time

(29:28) Defending a Cascade

(35:05) Rebranding USDe

(45:35) Minting & Redeeming Process

(48:14) Stablecoin Endgame

(1:00:39) Where are we in the cycle?

(1:09:09) Top Narratives this Cycle

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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.