I think the concern is that stablecoins are actually minting dollars, because they don’t appear to have $1 for $1 reserves of their stablecoin. If you look at

I think the concern is that stablecoins are actually minting dollars, because they don’t appear to have $1 for $1 reserves of their stablecoin. If you look at the Tether controversy where they were investigated by the government, the reason why they were able to sell was that they were no longer operating in the USA not that they had the proven reserves to back the currency.