I think what you are saying is that, until a non-bank issued stablecoin is available to lots of people, then nobody can spend it. (You can’t spend what you don’t have.) A non-bank issued stablecoin has to be distributed widely without losing its value (a simple airdrop won’t work). That means people would have to exchange their USD for this unknown stablecoin from an unknown crypto company.

A bank-issued stablecoin, on the other hand, can be easily obtained by exchanging USD for it at a well-known bank. This works because the bank is already trusted. The problem is that this bank-issued stablecoin is just a stand-in for USD. It will always be tied to USD, and in fact would be marketed as such (otherwise people can’t trust it). It will serve no purpose other than a way to keep track of a customer’s USD holdings outside of that bank’s computers. This means that if and when the value of USD sags, the value of this bank-issued stablecoin would also have to trend downwards together with the USD.

A crypto-company issued stablecoin is meant to be stabilized independent of USD. Its peg with USD is temporary. Once USD loses its value, such stablecoin would have to be value-measured on its own. It will have its own CPI measure, which will allow it to stabilize independent of USD.

I get your point though, that it won’t be easy to popularize this non-bank issued stablecoin (Tether’s USDT and MakerDAO’s DAI notwithstanding). I have another (upcoming) article about this topic. Send me a private message if you are interested because I am not publishing it as yet.