“Runs could spread contagiously from one stablecoin to another, or to other types of financial institutions that are believed to have a similar risk profile,” wrote the President’s Working Group on Financial Markets, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency in November. “A run [on stablecoins] occurring under strained market conditions may have the potential to amplify a shock to the economy and the financial system.”Three Arrows Capital (3A...