Can Banks Issue Stablecoins?

Stablecoin regulation is one of the most controversial topics in cryptocurrency. Recent reports from U.S. regulators as well as the Biden Administration have warned that stablecoins could threaten financial stability, although many are skeptical of that claim. Previous proposals sought to regulate transparency, issuance, and licensing of stablecoins, although no legislation has yet been passed.

This debate, however, may be missing an important point: The issuance of redeemable notes by private banks, in paper or electronic form, appears to already be legal in the United States.
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