एरेबोर बैंक: ड्रैगन का खजान

ड्रैगन का खजान

मैंने इसे ‘एरेबोर’ कहा, क्योंकि ऐसा ही होना चाहिए। पुरानी मिथक—स्मॉउग की पहाड़ में सोने का पहराव—अब कल्पना नहीं, यह सच्चाई है। एरेबोर बैंक ne OCC से पट्टा प्राप्त किया—कोई জम्‍‍‍‍‍‍‍ Deposits insured, no Fed backstop, no cross-bank liquidity window. सिर्फ़ pure stablecoin reserves—USDC backing—और encrypted collateral on-chain। कोई mortgage। कोई credit creation। कोई deposit multiplier magic। एक doll = ek doll—यहाँ koi alchemy nahi. Bas math।

SVB Echo

SVB मर gaya kyunki usne $189B tech cash le liya aur long-term treasuries par rates badhne par asset-liability mismatch on steroids। एरेबोर ne ye sikhaya? Nahin. Usne dusra sikhaya seekha: save capital, halt lending, deposit only what you can verify, nobody gets leverage, take nothing off-chain unless it’s fully backed। Ye conservatism nahi—it’s survivalism。

The Chainfall Scenario

अब imagine this: you hold \(500M in USDC (backed by T-Bills)。 your loan book? \)1B in ETH/Bitcoin at 65% LTV—with daily volatility over 15%。 once crypto crashes 30%, your collateral evaporates overnight—while holders race to withdraw USDC because… wait—is this thing even pegged? you don’t have FDIC to calm them。 you don’t have a lender of last resort。 your balance sheet has one button: ‘Withdraw’ does it work? yes—if you’re lucky enough to be first out of the door before the oracle calls ‘depeg’。

Ye banking nahi। it’s chess with death spiral accelerator। The dragon doesn’t breathe fire—it breathes volatility。The mountain doesn’t burn down—it just becomes empty。And when all the gold is gone? The dwarves finally wake up—and they’re all engineers now。