The limits of decentralization: when should regulation step in? If the goal is to use them as stablecoins, clearly, that is banking. Because then, you are taking money-taking deposits and guaranteeing deposits to support the currency. Therefore, you should be treated like a bank and regulated like one.
If you are issuing a stablecoin, maybe the requirement should be at least 50 percent of the assets that back it up should be very liquid assets. Maybe you should have a reserve requirement. Maybe you should have a liquidity coverage ratio, and so on and so forth. Therefore, this avoids the very purpose of why these currencies were created to begin with.