😳 "Because reserve assets leave the estate the moment they back a coin, a distressed firm can issue stablecoins to subordinate its existing creditors, hollow out the value a future administrator would need, and, when the firm is a bank, shift losses onto the deposit insurer and potentially the taxpayer. We call this stablecoin-on-creditor violence, drawing an analogy with the phenomenon of creditor-on-creditor violence that began with the 2016 J. Crew dropdown." Wow