Insurance CAN create trust, but only to the extent that you trust the insurer. The FDIC’s real product isn’t just insurance. It’s confidence that the US government stands behind the banking system and will act quickly in a crisis… ~90% of SVB’s deposits were NOT FDIC insured, but every depositor was made whole by the next day. Only a fool would trust some new neobank insurer the same way. Insurance doesn’t eliminate counterparty risk. It shifts it… but you need to trust the insurer. If…