Stablecoin Narrow Banking
Stablecoin interest, covenant-lite private credit, a MrBeast DAT pivot and AI data centers are securities fraud.
If you have dollars, you can put them in a checking account at a bank. This is convenient (the bank will let you use those dollars to make payments) and fairly safe (the bank probably won’t fail, and if it does your deposits are insured, up to some limit, by the US government), but not especially lucrative. The bank will use your money to do stuff — make loans, buy securities, etc. — and will make some money from those activities, but you won’t see much of that money. The bank will lose some money (from bad loans or bad trades), and it will use a lot of the money to pay for branches and salaries and stock buybacks and stuff. It will pay you something close to 0% interest on your checking account.
Of course, there are all sorts of ways to earn more money on your money, at the cost of convenience (your money might get locked up) and safety (you might lose some of it). You can put the money in private credit funds or Nvidia stock or Bitcoin or whatever. None of these things is really a substitute for a checking account.