private labeled securitized mortgages were the defi of early 2000’s. even if you over collateralized with us treasuries you would be at risk for a volker style

private labeled securitized mortgages were the defi of early 2000’s. even if you over collateralized with us treasuries you would be at risk for a volker style sudden increase in interest rate which would decimate your stablecoin. Unless the fed opens a facility to backstop your stablecoin, which they might do I guess if it became important enough.