Every month, Deloitte's audit report for $USDC hits the face, compliance cards are flying high, and even Tesla saves 5% in handling fees using it for cross-border payments. But 80% of the reserves are bet on US Treasury bonds, giving you the illusion of safety with 'digital dollars' while behind the scenes it has long become an on-chain bloodsucker for the US Treasury. Exchange for USDC, Circle turns around and buys government bonds for a 5% annual return, a solid US Treasury harvesting machine.