Bitcoin doesn’t work long term, including NGU, unless there is extremely strong demand for settlement on the base layer. Miners need block rewards fully replaced by tx fees and then some. Block space must be extremely valuable. Stablecoins destabilize Bitcoin long term since they do not require any on-chain settlement to move around the financial system. Never mind the whole dystopian “CBDC in practice” part, they can hamper the long term value of the Bitcoin network by keeping it out of circulation.