Seeing that the Federal Reserve is evaluating opening payment account access to non-bank institutions.

It must be said: the biggest threat to banks has always been within the system.
In the future, companies like Circle and PayPal might settle directly with the Fed, no longer needing to pay tolls to banks.
Currently, the awkward situation of stablecoins like USDC and USDT is that they are pegged to the US dollar, but every off-chain settlement has to go through banks, which can cut you off at any time. Last year, several crypto companies had their accounts closed because of this.
If the Fed truly opens up access, the underlying clearing channels for stablecoins will change.
Upgrading from being pegged to the dollar to direct connection to the dollar is completely different. At that point, banks' monopoly on payment routes will be greatly weakened, and stablecoins could become a new channel for dollar expansion.
Of course, banks will desperately lobby against it. The Fintech Committee supports it, the Banking Policy Research Institute opposes it, and both sides have already started to take sides.