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In the few studies and examinations which exist, in using Treasury securities it's been figured these collateral re-pledging and rehypothecation chains average multiples of six to eight; meaning, that a single UST security might be reused for book and customer business six to eight times. Between 85% and 90% of all Treasuries taken on dealer books are re-used in some fashion. No wonder these banks might become skittish, and why Treasury (and similar collateral) prices remain the way they are. The value in UST's isn't as an investment; it's the liquidity premium demanded by a fragile global monetary system. These are balance sheet tools whose worth is derived from what central bankers and bank regulators (same thing) are in no rush to comprehend.