Definitely, I'm guessing this is where stable coins would really shine, your geminicoin, tether and whomever else has one. It does make a nice scenario, throw btc into stable coin, get loan, get stable coin back, convert back to Bitcoin. No tax.
Sounds too good to be true actually. I'm not even sure how that works right now if you cash out Bitcoin to USDC (Coinbase's stablecoin) for example. Common sense tells me that the same rules apply when you cash out to fiat.
If it is supposed to be a proxy to fiat, which it is, it would make sense that you are taxed similarly. If it isn't yet, I'm sure governments will do everything they can to catch up on stablecoins to get rid of that legal loophole.