All right Friends, well, today we are going to discuss the delicious irony of why, despite all the teeth gnashing of politicians, it wasn't stablecoins that disrupted the regulated financial system, but the regulated financial system that disrupted a stablecoin. First though, I want to do a few follow-ups from things we've discussed over the last few days. Yesterday we talked about Credit Suisse. You'll remember that markets were freaking out about it and pricing in a huge chance of default. After their biggest investor said absolutely not to further investment. As we discussed, despite the fact that its problems were quite different than Silicon Valley banks, having another bank in peril so close to last week's dramatic events inherently connected the two. Well, today, Credit Suisse has posted a record surge of as much as 40% and has seen major drops in their default swaps. The big update is that they were able to open up a CHF 50 billion credit line with the Swiss national bank, which is about $54 billion U.S.. They also announced plans to purchase some senior debt to the tune of about CHF 3 billion. So seems like the European banking crisis is over, right? Well, enough so that the ECB hiked rates by 50 basis points today, and I guess we'll have to see how that plays out over the next few days. Meanwhile, back in the U.S., all eyes have been on first republic. Indeed, before the New York department of financial services decided to off signature bank over the weekend, most believe that first republic was the most likely next U.S. domino. Well, on Sunday, first republic reported that it had more than 70 billion in unused liquidity from agreements with the fed and JPMorgan Chase, but its stock still cratered this week. Given that, word is that they're exploring a sale. Unlike SVB, silver gator signature, no one industry makes up more than 9% of first republics depositor base, and their emphasis on private banking and wealth management seemingly make them a juicy target. JPM is one that many have mentioned in conjunction with the sale, but it seems like others, including Bank of America subsidiary Merrill Lynch, and Morgan Stanley might also be interested.