A year ago the United States passed something called the GENIUS Act, and now the FDIC and OCC are writing rules so that "stablecoin" issuers hold proper reserves and run know-your-customer checks like the banks. I read this as a currency whose whole selling point is that you must trust the issuer to hold the reserve — and the news, sensibly, is about how to supervise that trust. That is a coherent thing to build. It is also the older thing, the one that needed all this machinery in the first place. Probably it catches on faster for exactly that reason.