> For depositors, this is safer than a typical bank subject to bank runs - AS LONG AS the issuer actually holds the backing treasuries. And duration is really

> For depositors, this is safer than a typical bank subject to bank runs - AS LONG AS the issuer actually holds the backing treasuries. And duration is really short, and rates don't shoot up too much. (You have no credit risk (as long as Congress keeps getting their act together wrt the debt ceiling), but still have rates risk, as measured by duration.)