By Arjun Sethi, Co-CEO of Kraken The illusion of liquidity This happened in September 2019, when overnight repo rates rose to 10%. This happened in March 2020, when Treasury markets seized and the global benchmark “risk-free” asset went unbidden. This happened again in March 2023 when regional banks failed and the Fed had to create … Continue reading Fragility of the dollar system: from balance sheets to blockchains