Stablecoins are essential to the financial plumbing of the cryptocurrency world. They’re pegged to a real-world asset, usually the dollar. But when that peg breaks, things can turn ugly in a hurry. Much of India is suffering through a particularly blistering and costly heatwave. And Indonesians’ love of songbirds is threatening wild bird populations within and beyond Indonesia itself. For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer Hosted on Acast. See acast.com/privacy for more information.

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