And that is exactly what many crypto businesses, including exchanges and stablecoins, face right now: a failure of trust that has precipitated a run on their liquidity. It is no different to a bank run wherein droves of depositors desperately seek to withdraw cash because they fear the bank will blow up. Key differences There are, however, important differences between banks and non-banks. In the case of a bank, all the loans it makes with depositors’ money are subject to extreme scrutiny from a highly motivated, empowered and invasive prudential regulator, combined with regular public reporting of key financial risks....