How to Manage Billions of Dollars in a Stable Coin

Michael: I've spent a lot of time thinking about tail risk and catastrophic perils. And so if you took all of my weird niche interests and put them together into one thing, it's perfect for a stable coin. So at Paxos, the way we laid out our portfolio management strategy was to say goal number one is principal preservation. Goal number two is liquidity. Way in the back, goal number three is yield. Right? One of your biggest potential problems with your fiat backed world is when you go and mint coins and give them to somebody who could destroy them.