Once again, framing stablecoins as private liabilities to express it is bad. While forgetting to say that bank deposits are exactly the same (both issuers are private companies and supervised by the central bank). Funny to use SVB as example of the biggest risk of stablecoins as ... it is showing that banks are the key risk (which MICA forces stablecoins to have outsized exposure for no reasons). So much energy used to compete against EUR stablecoins to sell their own CBDC, whatever it is. Great use of public funding.(SebVentures)