The pro crypto people will say "Banks are the same, they don't actually have a vault full of dollars to honor all deposits". And that part is true. If everyone

The pro crypto people will say "Banks are the same, they don't actually have a vault full of dollars to honor all deposits". And that part is true. If everyone went to Bank of America right now and asked for all their money in cash the bank would say no. But, what the crypto people are not telling you is that the US Government would step in and take ownership of the bank and give everyone their deposits back in checks within a few months or weeks. And because this feature of US Government regulation exists there is not going to be a bank run on Bank of America. Tether does not have this protection, so, people can panic, for good reason.