Type of financial entity that should exist:

- Consumers and businesses can easily sign up
- Federally regulated
- Only function is to custody USD
- No fractional reserve
- Ability to opt-in to yield via US Treasuries
- Revenue model: cut of Treasury yield or $9.99/m subscription

This reminds me of Payments Banks in India. They were created a few years ago, mostly from a financial inclusion perspective, and they've had a mixed success rate so far. The business model was really tough when they couldn't lend.