Why should speculators be made whole first?

Do gamblers next

Nice 👍

Jacobin once again completely misunderstand what it is talking about. A stable coin is not a speculative asset. These are meant to be pegged to the currency they represent (USD, here). This is explicitly talking about the issue of the stable coin, not the holding entity. Why would these banks be issuing their own versions of stable coins, when there's already a bunch of them out there?

This has nothing to do with people gambling on memecoins