I'm happy to be corrected on this, but what you see in exchange prices of USDC is dependent on the liquidity on the exchange. In times of high volumes, liquidity on exchange gets drained. It's not an algorithmic stablecoin like Terra was.

At the end of the day, if USDC is able to accomodate the redemptions in a timely manner, then they're fine. Given we know they have a $3 billion hole in their cash reserves now thanks to SVB, I personally wouldn't want to stick around and hope they can make good on redemptions. I also don't touch stablecoins though 🤷‍♂️