> The key concept here is that if you're an issuer, you usually can't buy and sell your own issued stuff. (FTX did a lot of that. It didn't end well.) I don't

> The key concept here is that if you're an issuer, you usually can't buy and sell your own issued stuff. (FTX did a lot of that. It didn't end well.) I don't understand what the concern is here. Without an arbitrage mechanism, of course the peg is lost. As a counter-example, USDC allows both new issuances and redeems (it's not a trust but it's conceptually similar). ETFs also allow this mechanism to operate. FWIW, I don't know why GBT hasn't re-enabled redeems if they're now allowed to do so. I was just going from what I read in the article. PS: What ended badly at FTX is that they gambled with / stole customers' deposits, it's not really a comparable concept.