It's a proposal to protect the public against crypto scams. Some of the firms that issue these stablecoins don't have enough funds to back the amount of these stablecoins. They just claim that these coins are backed and customers will blindly invest. Backing these stablecoins with veritable  U.S. Treasury bills and U.S. dollars is a good means of protecting investors. Just like commercial banks, the accounts of these centralized crypto firms need to be audited to avoid sharp practices.