Ever bought a giftcard? Then you storerd value with a custodian that might or might not fulfill its obligations.

Ever used cash? As we were able to see in India a couple years back even cash has an issuer that can devalue all notes in circulation in an instant.

Monero is distinct from all that. There is no issuer.

It's more secure than Bitcoin thanks to tail emission and more private than cash.

But there are use cases where it makes sense to choose different trade offs. Especially if you already trust some organisation and the mint gets closed and reverted in full after a predefined time period.