Sounds logical but unfortunate to me.

JPM offers JPM Dollar, they take user deposits of actual USD and backstop/buy US treasuries with them to refinance US gov debt.

JPM replaces user deposits with JPM dollar, users get insane deal like 10% USDC cashback when you spend on your credit card etc. Plus throw in free Netflix/Youtube premium for distraction++.

US gov wins, JPM wins, users feel like they win but now their savings are even more fake. Bank deposit ratios are now 0. Stablecoin transactions facilitated by USDT via BTC like Lightning Labs is working on? Peer to peer BTC sending dead on arrival as the masses are intoxicated by their retail bank offers? Strategy and Twenty One nationalised and BTC custodied by US gov and Federal Reserve/banking cabal.