According to @business, Bloomberg Opinion’s Lionel Laurent argues stablecoins may function more like tokenized hedge funds than tokenized money-market funds, highlighting structural differences in redemption, risk-taking, and disclosure that matter for pricing and liquidity (source: Bloomberg @business post on X dated Oct 16, 2025; Bloomberg Opinion column by Lionel Laurent dated Oct 16, 2025). For trading, this framing supports assigning non-zero depeg and liquidity risk premia to USDT and USDC pairs, consistent with March 2023 stress when major stablecoins deviated from par during banking turmoil (source: Bank for International Settlements Quarterly Review June 2023 analysis of stablecoin depegs). Reserve composition and transparency remain critical inputs, with issuers reporting large U.S. Treasury bill and repo exposures outside SEC Rule 2a-7 constraints that apply to money-market funds, affecting redemption dynamics and market depth under stress (source: Tether Q2 2024 Assurance Report by BDO published Aug 2024; U.S. SEC Rule 2a-7 description on SEC.gov). Policy proposals for bank-like or payment-stablecoin regimes would tighten reserve and risk standards and could alter issuance and on-off-ramp liquidity that drive BTC and ETH volumes quoted in USDT and USDC (source: President’s Working Group on Financial Markets Report on Stablecoins November 2021; BIS policy analysis in 2023).