i have xapo and only because they don't have inbound LN transfer i trust them to hold my btc and i only convert it to spend it as euros

i think that a payment proxy lightning to fiat could be profitable but nobody's done it yet, when they do, it's gonna be a tipping point after which sats surpass fiats

i'm sure they are rehypothecating my bitcoin

but at least they are not directly devaluing it as the bank is doing with my fiat tokens