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The woes of the cryptocurrency sector may add volatility to short-term borrowing rates, warns Steven Kelly, of the Yale Program on Financial Stability, in a research note this week. At issue is what happens if more people move away from so-called stablecoins amid the broader market tumult, as these securities are tied to conventional assets like short-term Treasury debt and commercial paper, he said. Large movements out of stablecoins are “an underappreciated risk for the short-term interest rate complex” and should be on traders’ radar, said Kelly.
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