Forget "too big to fail"—stablecoin issuers have a different flavor of risk that's arguably worse: being "too connected to fail." Here's the thing: these companies maintain deep political ties with private capital flowing to influential circles, and their stablecoins are essentially anchored to US government debt. This creates a tangled web where financial stability, political interests, and monetary policy intertwine in ways that could amplify systemic risk rather than contain it. It's not just a question of company size anymore—it's about the structural dependencies and power dynamics baked into the stablecoin ecosystem.