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Podcast: On The Brink with Castle Island
Episode: Guy Young (Ethena) on a New Model for a Crypto-Backed Stablecoin
Description: Guy Young, the founder and CEO of Ethena, joins the show to talk crypto-backed stablecoins. How Ethena began with an Arthur Hayes blog post The origins of synthetic stablecoins on Bitmex The difference between Hayes' Nakadollar and the Ethena design Why synthetic stablecoins have failed in the past and how Ethena addresses this How staked ETH as the underlying collateral opens up a new design space How Ethena mitigates their exposure to exchanges with off-exchange custody Guy's backstory and entrance into crypto Why the circumstances are favorable for the success of a synthetic stable today Why the short l...