The US Federal Reserve System (FRS) sees fiat-backed digital currencies as a powerful tool for strengthening the dollar's position on the global stage.
The FRS understands very well that if a unified, universal digital currency appears, people will begin to massively escape the control of the traditional financial system. Therefore, the strategy is simple: fragment the stablecoin market, create competition between USDT, USDC, RLUSD and dozens of other "digital dollars".
Let stablecoins compete, let users get confused, pay high fees, doubt liquidity and fear regulatory risks — this is what the Fed thinks.
The main thing is to prevent the formation of a unified digital analogue of the dollar, independent of banks and the government. The more options — the more uncertainty, the stronger the dependence on the traditional financial system. After all, each stablecoin is somehow tied to the banking infrastructure.
So yes, regulating stablecoins is not about freedom and convenience, but about eroding competition so that the digital alternative to the dollar never becomes unified and truly independent.
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