Who is buying billions of dollars of USDC for $1 each and.. why are they doing this? My understanding was that the entire point of a stablecoin was to smooth t

Who is buying billions of dollars of USDC for $1 each and.. why are they doing this? My understanding was that the entire point of a stablecoin was to smooth transactions between other crypto currencies, so most of the buying and selling of USDC was to convert between one coin and "USD" while still remaining in the crypto ecosystem. The entire reason the peg can remain is because one company, Circle, is guaranteeing to purchase it for $1. If you want to cash out a small amount, sure you can go through a company like Coinbase but if you try to cash out billions then that will just force Coinbase to go to Circle in order to maintain their own liquidity.