What are we to make of the recent near-total wipeout of the stablecoin Terra and its companion coin Luna, in which around $50 billion of value vaporized in less than a week?Let’s contrast this to an asset like the common stock of General Motors, currently worth about $50 billion.Your evaluation of how much wealth was created and destroyed by the rise and fall of Terra and Luna will depend on where along this continuum these assets lie.
