What are the downsides of putting my savings in to USDC?

I was just in twitter and saw USDC trending, and it got me thinking again about changing my savings (not all of it, but a good amount) in to USDC. You can earn anywhere from 8-10%, this is waaay more than any regular bank savings account. So, there has to be some inherent risk or downside to this. Does anyone have any insight? Or, if you are currently doing this right now, I'd love to hear from you!

I probably don't have enough words to post this yet so, I guess I can ask where most of you keep your USDC? I was reading in to Celsius at the moment.