Recently, the regulators have compared private stablecoins to US private banks which issued their own currency. Some of these banks got intro trouble by overissuing currency and were called as wildcats.
George Selgin in this article says firstly stablecoins are not comparable to private currencies. Second, US banks were hardly wildcat banks as they are made to be. Some were which is natural to happen but not all:
The comparison has by now been made so often that it may qualify as a platitude. I mean that between stablecoin issuers and “wildcat” banks, the fly-by-night scams that supposedly flooded the antebellum United States with notes nominally worth some stated amount of gold or silver, but actually worth little more than the rag paper they were made of.
Such disreputable stuff, we keep hearing, is what “private” currency always tends to be like. The paper sort survived until Federal authorities nationalized…
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Utopia, you are standing in it! 
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