Anyone know whether they already have approval of the current US executive administration? (Which might smooth the regulatory challenges.)

> Anyone know whether they already have approval

No indication they have.

“Stablecoins could be issued by banks and credit unions (through subsidiaries) or nonbanks. Nonbanks would be restricted to financial firms unless the Treasury Secretary and chairs of the Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC)—referred to as the Stablecoin Certification Review Committee (SCRC)—unanimously find they do not pose risks to the banking or financial system and will comply with certain requirements.”

https://www.congress.gov/crs-product/IN12553

Stablecoins are already a thing. Hundreds of them are circulating legally in the US. So I doubt this will need new approval.