🚨 Breaking News: Stablecoins—The Financial Jenga Tower! 🚨

In a world where digital assets are supposed to be "stable," the Financial Services Oversight Council (FSOC) is waving a red flag. These coins, meant to hold steady value, are more like a financial Jenga tower—one wrong move, and it could all come crashing down! 😬

First, let's talk risk management—or lack thereof. The FSOC warns that without proper rules, stablecoins could face "runs," where everyone pulls out their money at once. Remember TerraUSD's nosedive from $1 to $0.09? Yikes! 😱

Next up, market concentration. Tether (USDT) holds 66% of the market. If it falters, the crypto world might just implode, dragging traditional finance with it. Talk about putting all your eggs in one basket! 🥚💥

Transparency? More like translucency. Many issuers don't disclose their reserves, leaving us wondering if they're backed by dollars or Monopoly money. This opacity breeds fraud and distrust. 🤔

The FSOC is urging Congress to step in with strict regulations. Until then, stablecoins are a ticking time bomb in the financial landscape. Tick-tock! ⏰💣