Stablecoins Growth Could Come at the Detriment of Banks

When I was in Congress, I helped write a law that was passed that made it illegal for the Treasury Department to use the exchange stabilization fund to bail out money market mutual funds. So there's a systemic problem, not just in the executive, but also the legislative branch of accepting bailouts of this asset class. At least, at least to the stablecoin issuers credit, many of them want to be regulated like banks. But you can't prove to me that there'll be a lot to have losses until I actually see one break the buck.