A large part of the Federal Reserve that many don’t know about is the “Fed Window”. This gives banks direct access to borrowing from the Fed and allows banks to borrow overnight, or short term, in order to meet capital requirements. Many banks need to keep certain ratios on the balance sheet post 2008 and the ability to repo and reverse repo (temporary lending/sale/repurchase agreements using bank assets as collateral) is essential for most of the larger banks to meet these ratios. It’s a way for banks to get cash on their balance sheet without actually selling assets. Yes they are all still extremely over leveraged. There is a golden opportunity for this service to be decentralized using #bitcoin Probably just whales at first, but with enough of a price run, I could imagine a timeline where plebs share 1/3 of a multisig with a bank and earn interest as long as the balance sits on that utxo and they can utilize that as “cash” on their balance sheet.