A piece from @greg_ip in @WSJ today asks whether stablecoins are a risk to the economy because they are "private money." It's a fair question, but the framing skips over how the US monetary system has actually worked for 160 years. "Private money" isn't the exception in our system — it's the rule. Roughly 90% of M2 is privately issued: commercial bank deposits and money market fund shares. Each carries different risks and is regulated commensurately — banks by Basel, capital, FDIC, and stress testing; MMFs by SEC liquidity rules; and now GENIUS stablecoins by a purpose-built federal regime. The right question isn't "public or private." It's whether the regulation matches the risk. GENIUS does.