stable coins are not going to be regulated where by the coins 'minters' become the new institutional bank. this is because the companies that 'mint' stable coins(where 10 new stable coins represents $10 deposited into their bank account). are not banks themselves. but bank customers of institutional banks.
the real banks dont have the access privileges to mint new coins to peg to the banks money. so the banks wont be using existing stable coins.so you will infact see the government/banks want to create their own stable coin they can control as pegged coin against their fiat
stable coin is a gimmick peg of fiat at a business-customer(cash for goods) level.. not a fiat-legal tender(bank-treasury) level. stable coins are not to be treated as legal fiat tender that is guaranteed against loss by exchanges. its just a crypto token.
if the business you deposited your fiat into does a mtgox "we got hacked" and their fiat bank account is robbed. you will not get the same rights as what would happen if your own real bank/bank account got robbed.
by you depositing fiat into a businesses bank account. you have given up your rights to the government finance insurance. because its not treated as you putting funds into a bank account in your name. but instead handing a stranger your cash and they hand you a good/service. these businesses do not have a banking charter to insure funds they receive
https://www.bloomberg.com/news/articles/2021-10-01/treasury-is-pushing-to-impose-bank-like-rules-on-stablecoinsAnxiety in Washington has been ratcheting up over stablecoins, which are pegged to the U.S. dollar and other fiat currencies to avoid the wild price swings of cryptocurrencies such as Bitcoin. Federal officials are worried that an investor run could trigger a financial panic, and that crypto firms are using stablecoins to offer banking services without consumer protections.
in short. do not expect any rights to a government financial compensation scheme that banks offer, when using current stable coins. because the businesses offering stable coins are not banks to have that consumer protection., your rights are just the ability to try suing the business you handed your cash to but they can fight back and say that you received your goods(token) and have no legal right to a refund