Also - to preempt any statements about USDT having a higher backing rate than most banks... US banks have something USDT doesn't - FDIC account insurance. When it comes to banks the buck doesn't stop with the bank - it stops with the US government.
This makes it for for the user. I don't see how a bank can comply with banking law though. How does a bank prevent criminals, sanctioned orgs, money launderers or whatnot from using it?
It's possible that regulators will leave a loophole like this in play. They aren't always sharp.
What that is, is a bank where account are a wallet. It's still a USD bank account.
Which stablecoins were you talking about?
1. https://www.coindesk.com/markets/2022/01/13/fdic-still-uncle...