BitGo CEO Mike Belshe says stablecoins grew in a gap that bank regulation left open. After Dodd-Frank, the US got one or two new banks in the 2010s. A dollar token backed one-to-one only has to clear money transmission rules plus AML, KYC and sanctions checks, so it can do a bank's payment job under far lighter rules. From his fireside chat at DAS Asia this week: "Stablecoins are using a combination of crypto and traditional finance to build a better bank. And in the US, culminating with Dodd-Frank, which came after the great financial crisis, banking has stagnated. Number of new banks in the 2010 to 2020 era was like one. I don't know exactly how many new banks you want to have in the United States on an annual basis or on a decade, but only getting like one or two new banks in a 10-year time span, that's clearly something's wrong. You've overregulated so that you can't come up with new banks. You can't have innovation. Stablecoins have found an area of gray. Here's a token. It's one-to-one backed. It's easy for institutions, individuals, regulators to get their heads around. And then, can we use that as a payment? And the only thing that's really there in the US is kind of a money transmission rule. So it's pretty lightweight regulation that can be used in a lot of versatile ways. You get all of the AML KYC components that you need matched. Of course, we're all subject to this thing called BSA in the US, the Bank Secrecy Act, sanctions controls, et cetera. So it's finding an area of lightweight regulation that's as good as a bank. And we know the banks have failed, because the banks have all the money. We hire them to do payments and checking and credit cards and debit cards. If they were really doing a good job, PayPal wouldn't exist, Cash App wouldn't exist, Venmo wouldn't exist. All these payment apps would not exist if the banks were really at the forefront of great technology for doing payments. Stablecoins are going to make it way better, way cheaper. And guess what? You don't even have the risk, because they're one-to-one backed. And now we have laws that make it possible too."