Yikes. This could be the first inning of the Tether bubble deflating, and by extension half the crypto market.
Don't think it will happen, necessarily, but it's largely the only thing keeping crypto together at this point, price-wise.
all the major stable coins still holding pegs
How? In what assets? Even in Treasuries, tens of billions of unexpected sales in an off run will depress prices. If deposited in a podunk bank, it might literally go under.
I’m referring to the present state of their reserves. A present state which almost deterministically implies a future state under certain conditions.
Will the pegs fall at some point in the future? Maybe? Hopefully? But this statement is irrelevant to observing the current state of the pegs.
Fair enough. (Though I’m unconvinced of the value of a peg that can’t be redeemed against, à la Tether.)