Either way you look at it, stablecoins are both better rails and asset than commercial bank deposits - they are cheaper, faster, global, 24/7, and remove unnecessary friction. And if you look at, say, USDC reserves (mostly treasuries or overnight repos) they are structurally better than what your commercial bank has (illiquid mortgages and similar). That said, you don't get the FDIC $250k backstop and for some that might flip the entire conversation (in particular, narrow banking/reserve quality argument doesn't apply under that cap - you are simply fully covered).