You have to trust the group that they won't for eg suddenly take the money in the savings account and run off (not honor redemption) some point in the future
Would US corporate structure offer some security for these funds? So it becomes a case of US embezzlement vs trying to make yourself whole via the blockchain?
Conceivably, but I'm not sure what regulations such a company would have to comply with or even if they can incorporate in the US at all. Eg would they need to be responsible for not letting North Koreans redeem? (probably.) What else?
I do remember tethers parent company basically couldn't get any US bank accounts
