The draining of liquidity from the banking system is a feature not a bug of stablecoins. One response to the bank runs of the Great Depression was the FDIC the other was narrow banking as proposed by the Chicago School. It is a legitimate policy position but getting confused with Trumpian grift

The artistic creamy dribblings of the trifle are perfect. First spoon in may cause an overflow

Worse ways to spend your teenage years.

Caledonian Road. Andrew O’Hagan