This misconception conflates two fundamentally different products: prime MMFs (backed by risky commercial paper like Lehman), which suffered runs during the crises, and government MMFs (backed 1:1 by US Treasuries), which experienced just the opposite—they were safe assets. GENIUS stablecoins follow the government model.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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