[…] The warnings aren’t just theoretical. Mark Hays of Americans for Financial Reform paints a grim picture of what rapid Treasury sell-offs could mean. “If issuers are forced to unload Treasuries quickly or if there’s a sudden rush for redemptions, it could create some credit crunches,” he said, pointing to tightened access to loans and capital in an already strained economy. Pete Crane of Crane Data, a firm tracking money markets, adds that while short-term Treasury bills usually don’t swing much in price due to their quick maturity, “if enough selling happens fast, the price is going to go down.” That’s a polite way of saying the market could take a nosedive if stablecoin issuers dump billions in a panic, a concern echoed in discussions about risks tied to stablecoin Treasury holdings. […]