Michael Egorov, founder of decentralized lending platform Curve Finance, believes that the latent risk of over-collateralized stablecoins is not necessarily the reserve-related risk that investors generally notice, but the geopolitical risk posed by government regulation. Egorov said in an interview that the underlying assets backing stablecoins, including cash deposits from Financial Institution Group and government securities such as U.S. treasury securities, are vulnerable to asset freezes and seizures.