Reserves & Asset Allocation - Tether's USDT is backed by $10.3 billion in Bitcoin, representing 5.6% of its reserves [1] - Circle's USDC holds zero Bitcoin [1] Risk Assessment - Bitcoin holdings are down 28% from $126,000 highs [1] - A 30% Bitcoin price drop could eliminate Tether's equity [1] - S&P downgraded Tether to weak [1] Overcollateralization - Tether's overcollateralization buffer is at 4% [1]

Core Viewpoint - KBRA has assigned preliminary ratings to seven classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2025-6 and Research-Driven Pagaya Motor Trust 2025-6, indicating a structured approach to evaluating the creditworthiness of this auto loan ABS transaction [1] Summary by Categories Credit Enhancement - RPM 2025-6 features initial credit enhancement levels ranging from 89.26% for Class A-1 notes to 1.86% for Class E notes, highlighting a significant level of protection for investors [1] Structure of Notes - The credit enhancement is composed of overcollateralization, subordination of junior note classes (excluding Class E notes), and a cash reserve, which collectively aim to mitigate risks associated with the underlying auto loans [1]

RT s4mmy (@S4mmyEth)If you're holding USDai I want you to bookmark this post to ensure you educate yourself.USDai isn't really your typical stablecoin, more a synthetic dollar; different risk profileIt overcollateralizes loans on AI GPUs (~150%+) to provide a buffer on pegging the token to the dollar (see screenshot of holdings)Great analysis on peg break to the upside from @PendleIntern; But how could the break to the downside occur?Let's try to avoid an AI subprime mortgage crisis with impaired GPU loans! ...

RT s4mmy (@S4mmyEth)If you're holding USDai I want you to bookmark this post to ensure you educate yourself.USDai isn't really your typical stablecoin, more a synthetic dollar; different risk profileIt overcollateralizes loans on AI GPUs (~150%+) to provide a buffer on pegging the token to the dollar (see screenshot of holdings)Great analysis on peg break to the upside from @PendleIntern; But how could the break to the downside occur?Let's try to avoid an AI subprime mortgage crisis with impaired GPU loans! ...

RT s4mmy (@S4mmyEth)If you're holding USDai I want you to bookmark this post to ensure you educate yourself.USDai isn't really your typical stablecoin, more a synthetic dollar; different risk profileIt overcollateralizes loans on AI GPUs (~150%+) to provide a buffer on pegging the token to the dollar (see screenshot of holdings)Great analysis on peg break to the upside from @PendleIntern; But how could the break to the downside occur?Let's try to avoid an AI subprime mortgage crisis with impaired GPU loans! ...

Stablecoin Development - Solana is exploring the possibility of a chain-native stablecoin, following Hyperliquid's example [1] - The proposed stablecoin model involves SOL as collateral within a CDP (Collateralized Debt Position) framework [1] - The industry suggests the stablecoin should be overcollateralized to mitigate risks associated with undercollateralized models [1] Yield Redistribution - The industry proposes utilizing SOL staking yield to redistribute benefits to both borrowers and lenders within the stablecoin ecosystem [1] - Decentralization is a key focus in the yield redistribution mechanism [1] Potential Impact - The industry anticipates a potential positive impact ("pumpenomics") from the introduction of such a stablecoin [1]