Are stablecoins worse than dollars mediated by credit/debit cards and payment processors like paypal/venmo in the US?

The more I read about the GENIUS act (#1048643), the more it seems like they are becoming the same system. But what I want to know is: will this system be significantly worse than the current system?

Privacy is already non-existent when you use credit cards or paypal-things. So too with sovereignty. And third-party doctrine means gov't has insight into all my transactions anyway.