Bitcoin Faces Pressure as Fed Weighs Stronger Rescue Tools
The Fed can soften funding stress without becoming easier on risk assets: Treasury backstops may stabilize markets, but Logan's preferred rate path keeps liquidity restrictive.
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The Fed can soften funding stress without becoming easier on risk assets: Treasury backstops may stabilize markets, but Logan's preferred rate path keeps liquidity restrictive.
The world's largest stablecoin now sits on a US debt book larger than most sovereign wealth funds, and Kevin Warsh's Fed has no playbook for what that means when Treasury markets seize.
The 11% discount to its $100 stated amount matters more than the price tag — the dividend was designed to defend that level, and it's now visibly failing to.