Stablecoins Undermine Decentralization and the Vision for Financial Freedom

... and common sense.

In the zero interest rate era a few years back it wasn't clear how to run an honest stablecoin so we saw grifts like the Luna/Terra thing.

If you can get 2% interest at the bank or similar with T-bills you could take deposits, deposit them, spend whatever you need to administer the thing, and pocket the rest.

People won't be happy with that because they could keep the money in the bank and earn interest and yeah, maybe they can offer you 1.5% yield at a profit but somebody else dishonest is going to offer you 3% and now you're in trouble.

Stablecoins could also be stable enough that people build dapps that lend and borrow them and that could be all sorts of trouble.