in fact there's a push right now to force stablecoin issuers to obtain a banking license in the US, which would be terrible for any start up.

Well said mate. If the old fashion banking system is to be forced the stablecoin issuers, then a new debate will show up.

In terms of incentives, there is no way for tens of them to survive as for me. Even when we compare them with USDC, they cannot find a use case. What I am projecting is that If they can be categorized as digital assets (beyond being pegged to USD) then they can use inventives as strategic actions. However, until that stage, whether they will be regulated or neglected is the primary enigma for now.