Correct. These exchanges are banks, which are reliant on statistical multiplexing. There is quite literally zero difference between the sets of failure states t

Correct. These exchanges are banks, which are reliant on statistical multiplexing. There is quite literally zero difference between the sets of failure states that "stablecoins" are vulnerable to. ...which makes you wonder: why the cryptographic overhead at all? Oh wait... Because places want to be banks, without adhering to the regulations thereof...