USAs Federal Agencies like FinCEN view all stablecoins as falling under their remit. Under their technical neutral stand point, they feel entitled to regulate such currencies: It does not matter if the stablecoin is backed by a currency, a commodity, or even an algorithm the rules are the same,. They may try to enforce KYC. The whole purpose of DeFi is to create a decentralized economy that can bypass the regulations of these centralized agencies. I am wondering if they will be able to catch up with technological innovation.
It may be hard to enforce their rules. Currently the guidelines are ambiguous and not very practical. Those agencies will have to suffer a paradigm shift to adapt to emergent technologies.