This is great news. Stablecoins issued by banks are much better digital cash than CBDCs (central bank digital currency). EU is currently trying very hard to imp

This is great news. Stablecoins issued by banks are much better digital cash than CBDCs (central bank digital currency). EU is currently trying very hard to implement their own CBDC, and stablecoins will directly compete with it. A CBDC is basically a stablecoin issued by a central bank. The problem is that this digital cash would compete with currency in private bank accounts, and ultimately bank accounts wouldn't be needed any more. I think every bank must start issuing their own stablecoins if they wish to stay in business. Private banks issuing their own stablecoins will make the banking system little bit closer to the free banking system [0], when banks used to issue their own banknotes i.e. paper currency. This is better, because every stablecoin could have their own risk profile which is associated with the issuing bank, which would lower the overall systemic risk. On the other hand, a CBDC would be a move in the direction of single-tier banks [1], which centralizes all money issuance to a single bank. [0] https://en.wikipedia.org/wiki/Free_banking https://en.wikipedia.org/wiki/Free_banking [1] https://en.wikipedia.org/wiki/Single-tier_banking_system https://en.wikipedia.org/wiki/Single-tier_banking_system