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“The big challenge that happens, let’s say there was a run, let’s say there was a bankruptcy or some major issue. The holder of the stablecoin has no contractual claim on the funds in custody. The only one who does, who has any say, and can control the whole thing is the underlying issuer, which is not the custodian,” Barnett said. He said that such a crisis can be avoided if a private bank is both the issuer and the custodian.
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