How much USD does Coinbase hold at any given moment? What you are missing is "counterparty" risk in the sense that Coinbases coffers are not infinite and certa

How much USD does Coinbase hold at any given moment? What you are missing is "counterparty" risk in the sense that Coinbases coffers are not infinite and certainly not 100% cash. In the event of a bank run they would have to say "sorry we can't pay you right now...maybe later...maybe never...nobody knows". That would effectively kill any trust in USDC and it's value plummets through the floor.