The only risk I can see here is USDC going tits up in whatever backing mechanism they use.
Anyway, this is still a big opportunity to earn near risk free interest on your HBD.
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Could be worse.
We could have a pHBD-Tether pool.
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Paradoxically, Tether which is truly sketchy as all fuck esp in terms of "backing", might be more secure against some regulatory risk by moving around and hiding off in some obscure financial haven and obscure shell ownership structure and carrying on (which is what it's been doing all along). USDC is very likely to do exactly what regulators say for better or worse.
Hmm seems you are not a believer in Tether.
The fact that Circle ran and submitted an application to comply with the banking laws shows they are likely operating on the up and up. Doing that opens them up to audits, something they are obviously not fearful of.
Those behind Tether, I am sure they are going to fight it to the very end.
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They're just very different assets is my point here. Under different conditions each may have advantages.