A leading German asset manager has expressed doubts about the stability of Tether (USDT) and USD Coin (USDC), questioning their classification as stablecoins amid potential liquidity crises. The manager, who oversees digital assets at one of Germany's largest firms, highlighted that even substantial reserves of U.S. Treasury bills might not prevent a liquidity crunch if redemption demands surge unexpectedly. The manager's comments come as the market for tokenized Treasuries expands, with on-chain real-world assets surpassing $20 billion. He emphasized that while USDT and USDC hold dollar-equivalent assets like T-bills, these instruments could become difficult to liquidate at par during market stress, potentially destabilizing the tokens' pegs. This perspective aligns with ongoing regulatory discussions in Washington, where a proposed crypto bill could impose stricter liquidity requirements on stablecoin issuers.