Wow, this is all exciting stuff. Here is what I am understanding, let me know if I have anything wrong, or am missing anything:
So a company running a gateway can leverage a user issued asset to do most of its work/security. In fact, it seems to me, a DAC could do everything, except hold the USD IOU funds in a bank account. So all that is required, is a co-operating bank, to honor withdrawals and deposit, with IOU user issued assets, as specified by the DAC. Wow, a bank could make huge interest profits, holding all those funds, for lots of IOUs? Especially in a fractional reserve fiat currency banking system right?
It seems to me, once banks learn they can do this, directly, they could push out a middle man operator like Coinbase, being completely unnecessary, right?
So is this why people are talking about purchasing a bank or credit union?