Doublon-holon binding as origin of Mott transition and fractionalized spin liquid -- Asymptotic solution of the Hubbard model in the limit of large coordination

An analytical solution of the Mott transition is obtained for the Hubbard model on the Bethe lattice in the large coordination number ($z$) limit. The excitonic binding of doublons (doubly occupied sites) and holons (empty sites) is shown to be the origin of a continuous Mott transition between a metal and an emergent quantum spin liquid insulator. The doublon-holon binding theory enables a different large-$z$ limit and a different phase structure than the dynamical meanfield theory by allowing intersite spinon correlations to lift the $2^N$-fold degeneracy of the local moments in the insulating phase. We show that the spinons are coupled to doublons/holons by a dissipative compact U(1) gauge field that is in the deconfined phase, stabilizing the spin-charge separated gapless spin liquid Mott insulator.