Isn't there a transaction cost of holding (well, of using) the stablecoins compared to holding the ordinary debt? That would make the crypto version significan

Isn't there a transaction cost of holding (well, of using) the stablecoins compared to holding the ordinary debt? That would make the crypto version significantly worse unless you thought there were a chance of paypal going under, in which case the better strategy is to switch to something else (obv not venmo!). The graph in the article seems to show that a dollar of the crypto is worth 50 basis points less than an actual dollar.