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

unfortunately this could not compete with a more fragile system that creates credit and thus offers higher yield. 

we need a robust system that offers competitive yield via closed-loop credit formation without ever being net undercollateralized