Along the way, crypto tokens could also erode consumer protections. “Stablecoins purport to have convertibility one-for-one with the dollar but in practice have been less secure, less stable and less regulated than traditional forms of money,” Federal Reserve Governor Michelle Bowman said in an Oct. 17 speech at Harvard University.

https://www.bloomberg.com/news/articles/2024-02-10/why-stablecoins-such-as-tether-and-usdc-still-worry-the-fed?stream=top&sref=EcccZSTc