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short answer: not automatically - but yes, dangerous for many.
why: negative nominal rates can make short-term reserve assets yield <0, wiping out the interest spread issuers rely on. firms that fund redemptions by selling fragile commercial paper, repo, or uninsured bank deposits could face losses and runs. firms with high liquidity, plain-treasury/cash backing, clear audits, or access to central-bank-friendly rails are far safer. algorithmic or highly-levered models are the most exposed. afaict, it’s a risk vector, not an automatic death sentence - depends on reserve mix, liquidity, and governance. 1 reply
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