This is exactly it. They're not worried about people moving their savings accounts into stables, that wouldn't make any sense. They're worried about the technology of instantaneous settlements and not being able to escrow/hold people's money for no reason (WHILE EARNING ON IT). A lot of huge-dollar industries still run through slow banking rails: construction draws, energy payments, international invoices, escrow, vendor payments, payroll, etc. And when money takes days to settle, someone benefits from that delay. Balances sit in accounts. Banks earn on the float. Fees get charged. The bank stays in the middle and controls the timing. Stablecoins mess with that model way more than they mess with savings accounts. If I’m an energy company getting paid on a large contract, or a construction company waiting on progress payments, why would I want that cash trapped for days or weeks if it can settle in seconds? Banks don’t want dollars moving around the internet instantly because it means less money sitting inside their pipes.