Published 6/2022
MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHz
Language: English | Size: 681.54 MB | Duration: 1h 3m
Designing Robust Stablecoin Systems with Asset-Liability Management Concepts.
What you'll learn
Why do some Stablecoins fail and others do not?
Understanding Stablecoin systems from an Asset-Liability Management perspective
Asset-Liability Management Process and Tools
Internal economics of Stablecoins.
Role of collateral and reserve in stablecoin systems.
The failure mode for various stablecoins
Stablecoin Bank-runs
Requirements
Some basic understanding of accounting and finance concepts will be helpful
Description
The collapse of TerraUSD and with that the whole Terra ecosystem comprising Luna Coins and Anchor protocol is a watershed moment in the history of digital assets. This can accelerate regulations in the sector and can significantly slow down the development of private digital assets. On 9th May 2022, TerraUSD or UST the USD pegged Stablecoin the Terra ecosystem lost its peg..its price deviated significantly from 1 USD and the slide continued for next few days - the price fell to less than half a penny.the depeg of TerraUSD caused a sell-off of the sister coin LUNA too. A market cap of more than 40 billion USD was erased between TerraUSD and Luna Coins in just a few days. Apart from that other digital assets on the Terra platforms such as TerraKRW, Anchor Protocol, and Mirror Protocol assets .additional hundred of millions of dollars were lost if not billions more. Now, there are two ways to react to it - either we can say that all stablecoins or even all crypto assets are worthless or try to understand why TerraUSD and some other stablecoins failed.Just want to point out that even in this market turmoil many other stablecoins remained stable. That includes centralized fiat-backed stablecoins such as USDC and USDT and crypto collateralized decentralized stablecoins DAI. Even sUSD i.e. Synthetix USD on the Synthetix platform seems to gain stability after negligible volatility.We should also note that TerraUSD is not the first stablecoin to fail. So, why did some Stablecoins fail and others survived. This course will hopefully help you understand why stablecoins fail and how robust stablecoins systems can be developed using concepts of Asset-Liability Management.This is my second course on Stablecoins. The first course covers the basics of stablecoins. This course is an intermediate-level course that delves into more intricate concepts. For sake of completeness, this course includes some basic concepts on Stablecoins too.
Overview
Section 1: Introduction
Lecture 1 Introduction
Lecture 2 Who is this course for?
Lecture 3 Course Outline
Section 2: Why do Stablecoins fail?
Lecture 4 TerraUSD Failure
Lecture 5 Basis Cash Failure
Lecture 6 Empty Set Dollar Failure
Lecture 7 Iron Stablecoin Failure
Lecture 8 FEI Depeg
Section 3: Stablecoins that survived
Lecture 9 Fiat-Backed Stablecoins
Lecture 10 Crypto-backed Stablecoins
Lecture 11 Algorithmic Stablecoins
Section 4: Basics of Stablecoins
Lecture 12 What is a Stablecoin?
Lecture 13 Different Types of Stablecoins
Lecture 14 Arbitrage Based Price Stabilization
Lecture 15 Algorithmic Price Stabilization
Section 5: Understanding Asset-Liability Management
Lecture 16 What is Asset-Liability Management?
Lecture 17 Levels of Complexity in ALM
Lecture 18 Tools used in ALM
Section 6: Stablecoins as Financial Institutions
Lecture 19 Intro
Lecture 20 Fiat-Backed stablecoins
Lecture 21 Crypto-Backed Stablecoins
Lecture 22 Algorithmic Stablecoins
Lecture 23 Role of Collateral and Reserve
Section 7: Stablecoins Failures from point of view of ALM
Lecture 24 Looking back at TerraUSD
Lecture 25 Causes of Stablecoin failures from the POV of ALM
Section 8: Use of ALM Tools in Stablecoin Design
Lecture 26 Use of ALM Tools in Stablecoin Design
Section 9: Comparison of Stablecoin Systems
Lecture 27 Tether USD (USDT)
Lecture 28 USDC
Lecture 29 DAI
Lecture 30 TerraUSD
Lecture 31 CELO Dollar
Lecture 32 FEI
Lecture 33 AMPL
Lecture 34 Summary
Lecture 35 BAC & ESD - Death Spiral
Section 10: Designing Robust Stablecoin Systems
Lecture 36 Designing Robust Stablecoin Systems
Section 11: Thank you
Lecture 37 Thank you
This course is suitable for techies and analysts who want to build and analyze stablecoins systems.
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