I read WTH also,always like getting his thoughts and opinions.

I park money that i don't want in the market ( safe, supposedly )
in SWVXX. A look at the makeup shows a whole lot of things like this:
"Tri-Party Jp Morgan Securities Repo - 01jul26"

I have no idea what a repo is, so asked Google:
"A Tri-Party Jp Morgan Securities Repo - 01jul26 is a short-term, collateral-backed cash investment held by a money market fund, where J.P. Morgan acts as the neutral third-party clearing bank managing the collateral".

I'm guessing this is what WTH is talking about when discussing SVF
( stable value funds ), they are probably filled with "repo" paper.
And I sure do remember during the GFC when "collateral" rapidly lost value, and the financial system was on the verge of locking up.

So if there is a crunch, these type of products probably become ill-liquid, and the fund will "break the buck". And somebody parking their money in this type of fund will likely not be able to liquidate their holdings immediately during a financial crisis.

My Credit Union pays squat for interest, so hate having cash sitting in their products. To my uneducated eye, very short term T-notes appear to be the combination of safety ( getting principal back ) while getting something in return for the use of one's money. But T-notes are not real liquid, having a month or 6 week durations before one can get money out.

After reading this WTH article, and weighing the odds of Trump doing something really stupid ( odds are high ), I think I'll be pulling the so called "safe money" out of SWVXX and buy more short term Treasuries. Better treatment tax-wise ( no State income tax on interest) but less access to the money.