> If this happens, we need to let it fail. I'd be furious to see the fed bail out USDT to make sure the crypto market stays "stable". We already know its going

> If this happens, we need to let it fail. I'd be furious to see the fed bail out USDT to make sure the crypto market stays "stable". We already know its going to happen: some "blessed" TBTF tradfi bank is going to have some massive tail risk exposure on chain and will go insolvent unless FRBNY steps in so that they can get more tethers minted for them on chain. What they wont be able to do is halt trading for all the derivatives on all the dex's on chain to help minimize the cost of that bailout.