[geofft]

That's not a limitation of USD. If the Fed wanted to create an API that let you do that and sidestep banks, they could. (And if they couldn't because a government agency can't casually destroy an industry like that, that restriction applies to FedCoin, too.)

[wmf]

Indeed, and I think an implementation of "FedCoin" would probably be better off without a blockchain, given that you're trusting the government anyway.