What does a stablecoin framework actually look like without proper market structure? You're essentially building a phone with zero network. The ecosystem can't scale that way.

For stablecoins to work at scale, the regulatory architecture needs to establish clear "towers"—defined operating standards for traditional banks, brokers, and decentralized finance protocols. Each player needs distinct guardrails. Banks handle custody and settlement. Brokers manage flows. DeFi protocols operate within set parameters.

Without this infrastructure separation, you're just creating fragmented, inefficient infrastructure. The industry needs foundational clarity before stablecoins can actually deliver on their promise.