The Fed wants to replace private cryptocurrencies with its own

The Federal Reserve’s academic publications and statements make it apparent that it intends to expand its regulatory authority over stablecoins. This concentration of power at the Fed relegates accountability to Congress and favors a framework where bureaucrats will substitute privately issued stablecoins with a central bank digital currency (CBDC) run by the federal government.
Employees at the Fed have proposed policy recommendations that threaten to wipe out privately issued stablecoins — digital assets backed by the U.S. dollar or bonds. One proposal, according to a paper co-authored by an attorney at the Fed, is to “introduce a central bank digital currency and tax private money out of existence.”
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