I really hope the government stays out of this. We need alternatives to their monopoly, and regulating stablecoins will ultimately limit people's choices.
After that you will hear the same people cry "What the hell was the government doing?"
It’s an incredibly stable medium of exchange accepted universally in this nation and in many places around the world.
My deposits are backed by the FDIC so if I get hacked or there’s a bank run I’ll be made whole up to certain limits most people won’t reach.
It’s simple, well understood, easy to use.
It’s hard and/or expensive to do certain things with such as send money to certain places.
Maybe you can give some good reasons as to why we really need alternatives, as historically, our fragmented monetary system after independence was a total mess.
I relate to the privileged lifestyle in western society with stable banking that gets bailed out when there are missteps.
Stablecoins have much more utility for those without access to well-developed banking. There are places with limited or dysfunctional currency services.