If stablecoins are supposed to be usable as currency, maintain a fixed value relative to a government-backed standard, and also accumulate interest...

... then shouldn't banks just be able to deal in them?

I’d love to read this article but unfortunately I hit the paywall, and so I’ll just add my generic thoughts based on the headline: this type of lobbying, fear mongering, and manipulation of our political/legal system has gone on for too long. We can’t afford t have that in layers of our economy that are very fundamental to a functioning democratic society, like the banking or payment systems we use. I know we have many banks and credit unions and brokers or whatever to choose from, but I feel like there is no getting away from the truth, which is that there are a few incredibly huge players like JP Morgan Chase, Visa, Mastercard, Blackrock, etc. and everyone else is a small player that’s at best vulnerable and cannot afford to compete fairly with them.

What we really need are all new antitrust laws that are very aggressive, to fine/jail/break up mega corp companies and execs. And heavy regulation so that even if they’re privately owned, they’re under control, and working in the public interest.