ngl you are not wrong, I've never thought of it like that. Is there an argument that it can never really be regulated? sure if the US gov stops circle from buying treasury bills & you cant get a stable usd, whats stopping you from pegging it to another currency like a yen, pound, euro etc or gold, silver etc
Technology is relevant because it is the very reason they have to say yes to USDC and try to at least partially regulate it. If they could, they would say no and even ban it completely, but they can’t.
I think it is useful and is here to stay