Sure, but we already have something similar to that in NY called SNAP. And honestly, it would probably be easier to keep doing that without getting the blockchain involved.

In any case, I don't think that's the sort of product that commercial banks are itching release when they launch their new stablecoins. I'm sure a lot of coins will have a deny list for AML/KYC reasons, but an allow list would be pretty cumbersome to maintain and probably turn off most users.