[Animats]

> regulators are not accepting any regulated venue

Sure they are. Gemini is registered as a trust company in New York State, and has a New York State Bitlicense. They have insurance covering commercial crime, and fiat deposits are held by a bank and are not assets of Gemini. Not that Gemini is perfect, but they are to some extent regulated by banking regulators who actually look at their books.

Coinbase, though... Who audits the assets behind USDC?

[fallingknife]

They are held in custody by Bank of NY Mellon which is basically the biggest name in the custody business. If BONY says the money is there, it is.