I see Binance have figured a solution that works much better for companies, without threatening government fiat money hegemony. If they make a few further tweaks to their model, they might have a paper that looks like the one I gave to the New Zealand Reserve Bank Governor more than a year ago. My current understanding is that it requires a lot of multi-agency collaboration to get anything over the line for such approvals -- reserve banks will want control over all money in an economy, meanwhile they will also deflect the creation of stablecoins (or any attempt to raise money using them) as falling under the purview of other agencies. That said, Binance have the brand recognition to get it over the line.