[superasn]

Now imagine McDonald took a $10B+ loan and based on the collateral of the gift-certificates it has printed but hasn't given away. Because that is what is happening in crypto afaik.

I think this part probably didn't happen in real word before ...or did it? (hoping it didn't)

[fineIllregister]

This whole analogy is bad because McDonalds produces physical goods, which provide a basis for a valuation of clown bucks, gift certificates, or whatever. At the some point, the holder of clown bucks can turn them into burgers, a commodity in a competitive market, that McDonalds has demonstrated the ability to deliver consistently.

There is no incentive for McDonalds to stop producing these burgers, so no risk of rug pulling.

Collateralizing the loan with McDonald's gift certificates would just be a bet that McDonald's will sell 10b$ more food, minus some delta to incentivize people to use the lender's clown bucks instead of greenbacks.