and can't bypass the paywall.

1. Sort of. He's saying that it's weird to plunge what's supposed to be 1:1 dollar into non-dollar denominated assets (with crazy volatility)
2. entirely, since a) banks aren't 0 reserve -- don't get hung up on that non-binding Fed announcement a few years ago -- b) Tether isn't regulated like a bank (I think?) or having support of the LOLR, so presumably that there's a different level of risk if you promise a 1-for-1 stablecoin (that somehow no longer is one for one).