Imagine if everyone just issued stablecoins against their assets such as their house, future income etc. and turned around and bought treasuries. So every usd i

Imagine if everyone just issued stablecoins against their assets such as their house, future income etc. and turned around and bought treasuries. So every usd in m1, m2 etc. gets swapped out for 300 million different stable coins all pegged to the usd. Now the fed raises interest rates. This does not end well.