Stable coins and US debt

Morning all Can someone touch on this and see if I'm on the right track. Some of this escapes me on either monetary policy or the tech end. Are stable coins basically allowing tech bros to become banks? They are going to back up their stable coin with us treasuries? I guess what I'm asking is these 'banks' will become giant buyers of US debt, on par with some nations. These banks are going to have a lot of political sway. I feel like there is a lot of chances that the public could get rug pulled? Can some one correct my thinking or take it to the next conclusion and unmuddy the waters. Thanks in advance