This isn't an L1 and its offensive to call it such. It's a consortium chain, of private pre-approved validators, who even have permission to refund transactions via "dispute protocols" They can't make it a true L1 when using USDC as the root token, because there are never economic incentives to be a faithful validator, and that's why they have to make it a private consortium. This isn't decentralized. It's like PayPal's multi-vendor protocol, and you may as well just run it on databases that understand EVM code. Blockchains exist because exploitative middlemen, like banks and transfer agents, take undue fees and apply undue censorship. This industry was built to fix that in peer-to-peer systems, not by just building new banks.