Great post! Thanks very much for taking the time to put this all together! I'm fascinated with these stable-coins. They very much remind me of the 1837–1863: "Free Banking" Era... I mean I'm not that old LOL... but the history of it all, what was behind it all, and how it's all repeating itself with more sophisticated technology.

https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States#1837%E2%80%931863:_%22Free_Banking%22_Era

1837–1863: "Free Banking" Era
"Prior to 1837 a bank charter could be obtained only by a specific legislative act, but in 1837, the Michigan Act allowed the automatic chartering of banks that could fulfill the Michigan's chartering requirements so as to no longer require special consent of the state legislature. The following year, New York enacted similar legislation with the Free Banking Act, and other states soon followed. These banks could issue bank notes against specie (gold and silver coins) and the states regulated the reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. Free banking spread rapidly to other states, and from 1840 to 1863 all banking business was done by state-chartered institutions.[4]"

!LOLZ