Coinbase offering 1% APR staking rewards on USDC

As of today Coinbase is now offering 1% APR for holding USDC on Coinbase. This comes after they announced that the SEC blocked them from offering 4% APR.

https://blog.coinbase.com/sign-up-to-earn-4-apy-on-usd-coin-with-coinbase-cdad79e5f5eb?gi=c3347352aaf2

Here is the message I received from Coinbase confirming 1% rewards https://i.imgur.com/Qu2iJl3.jpg

What do you guys think. It seems like a pretty solid usecase to treat USDC in Coinbase as a checking account with 1% interest and 4% cash back for spending USDC using the Coinbase debit card