[smokeyj]

> In the case of USDC, Coinbase is handling it.

It's handled by CENTRE who's founding members are Circle and Coinbase.. but the network will grow to include any compliant banking institution.

> because it can in some ways allow them to skirt their reserve requirements

It can do what now??

> and other banks - have a huge incentive to run their own "stablecoin"

Every bank can release their own version of Paypal too. Why would the network effect of JPMC overtake USDC when any regulated bank can become a USDC issuer? USDC is sitting at a 255MM market cap.