Only in the last few months has it been possible to hold a stablecoin balance and interchangeably convert it instantly 24/7 into a GENIUS-compliant tokenized MMF (which can also act as the reserve for the initial stablecoin), all on chain w/o complex smart contract risk. When you hold the stablecoin you have verified ownership of an asset with superpriority claim status on the known reserves exceeding the outstanding stablecoin issuance. And when you instantly convert (essentially free) to the tokenized MMF, you have removed the riskiest slice of the stablecoin reserves (bank deposits) and captured all of the interest (less ~20 bps expense ratio). Why would any agent/optimizer choose 100% bank deposit, having 0% reserve requirements, paying 0% interest w/ days-long transfer lag?