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@LowBeta : Regular banks are chartered, regulated , supervised with capital buffers and access to deposit insurance (de facto above any de jure FDIC limit), proper rigorous AML/KYC have access to lender of last resort support of Fed and, if systemically important , even more layers of backstop of every piece of their balance sheet on the asset and Lia city side (see GFC experience) . While stablecoins of “Genius” act have none of that and are a worse repeat of 19th century free banking. And we do all remember how that free banking episode ended. Run, total financial crash, financial crisis and a severe recession. Caveat Emptor. History doesn’t repeat itself but it often rhymes ….