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On Wednesday, the UST stablecoin, which is supposed to maintain a one-to-one peg to the U.S. dollar, had flatlined at roughly a penny, while its sister cryptocurrency, the luna, saw its total market value plunge to about $1 billion, down from more than $36 billion at its peak.

Allaire said what really caught him by surprise was “how fast the death spiral happened and how violent of a value destruction it was.”

In an interview with Protocol, Allaire talked about what the UST crash means for crypto, the future of stablecoins and his views of SEC Chair Gary Gensler’s leadership.