> who would want to hold their money as IoUs at an institution with single digit backing when there is no upside compared to holding it in USDC Convenience, se

> who would want to hold their money as IoUs at an institution with single digit backing when there is no upside compared to holding it in USDC Convenience, security? The backing doesn't matter, your bank account is insured. Why do people keep cash in bank accounts instead of under their mattress. Holding USDC yourself is risky, you expose yourself to hacks. Most people don't know how to manage their crypto keys securely.